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- September 25, 2023
Save More with These Secret Tax Tips for 2023
You know that age-old saying, “Nothing is certain except death and taxes?” Now, we might not be able to do much about the first part, but taxes? Well, that’s a little bit of a different story with that one!
The thing is, taxes are always there, but the amount you pay? That doesn’t have to be set in stone. What if I tell you that there are ways you can slash the amount you pay significantly? How? Well, by understanding and utilizing the right tax tips for 2023.
You don’t have to be a tax wizard – we are already good at that job! Here are some tax tips for 2023 from our experts at CROWNGLOBE that could save quite a good amount of money. Whether you’re a seasoned expert or new to the tax game, these tips can help you save some bucks for sure.
Let’s find out.
Tax Tips for 2023 That You Can't Afford to Miss
Itemize Your Deductions
The standard deduction went up this year, but itemizing could save you more. If your medical expenses, charity donations, or other deductible costs are high, itemizing might be your golden ticket. For example, if your total itemized deductions are higher than $12,550 for an individual or $25,100 for a couple, it’s time to itemize. Don’t forget to include things like state and local taxes, mortgage interest, and even unreimbursed employee expenses.
Keep Good Records
Save those receipts, canceled checks, or snap a picture on your phone. Make a folder, physical or digital, and keep it organized. It might seem tedious, but when tax time rolls around, it’ll make everything smoother. A clear record helps you claim the deductions you’re entitled to without scrambling to find proof.
Look for New Tax Breaks
2023 brought some new opportunities, like the expanded child tax credit. Families with children could save more this year. And it’s not just children; did you know there are new breaks for energy efficiency, too? Spend some time researching these new breaks; they might apply to you, potentially saving you hundreds or even thousands of dollars.
Get Professional Help if Needed
Taxes can be confusing. A little change in the law can mean a big change in your return. Don’t hesitate to call a tax professional. They know the ins and outs and can help you save money. Think of it as an investment in peace of mind. Plus, with their expertise, you might uncover deductions you didn’t even know existed.
Some Specific Deductions you should know
There are certain medical deductions that you can claim to reduce your tax liability. Here are some of the primary ones:
Medical Expenses: From doctor’s visits to prescription drugs, if they exceed 7.5% of your income, they could be deductible.
Charitable Contributions: Cash, in-kind donations, and even volunteer mileage could save you money.
Home Mortgage Interest: It’s more than just your mortgage. Interest on home equity loans can also be deductible.
State and Local Taxes: Property, income, and sales taxes – they’re all deductible up to $10,000.
Work-Related Expenses: If they’re necessary for your job and not reimbursed, you can deduct them. Keep track, and don’t miss out.
Quick Tips
Start Early: Early planning lets you gather all necessary documents, avoiding last-minute stress.
Avoid Procrastination: Time is your ally in uncovering every possible deduction.
Use Technology: Modern tax software can help guide you.
Ask for Help if Needed: A consultation with a pro can make a huge difference.
Save More with experts
Tax deductions can save you money. Understand what you qualify for, and don’t be afraid to ask for help if you need it. The average American missed out on $200 in deductions last year – let’s make sure that’s not you in 2023.
Our experts at CROWNGLOBE are always up and ready to ensure you do not pay more in terms of taxes. All you have to do is get in touch with us, and we will handle the rest. We hope this tax tips for 2023 guide will help you save more. For any further assistance, we are always a call away.
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