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Maximizing Your Tax Refund: Five Online Money Moves for the New Year

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Online acts can boost your tax refund as tax season approaches. You can save a lot by reviewing your taxes.

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Here are five ways to maximize your tax return:

1. Maximize retirement contributions:
Max out your 401(k) contributions. The 2023 tax deduction limit is $22,500, while “catch-up” contributions allow over-50s to contribute up to $30,000. This decision can save thousands on taxes, especially for higher-tax payers.

2. Go Green for Tax Credits:
The 2022 Inflation Reduction Act provides significant incentives for energy-efficient house upgrades. Energy-efficient upgrades like electric cars, solar panels, and house modifications can earn homeowners up to $10,000 in tax credits and rebates. Energy-efficient windows, skylights, doors, and more receive a 30% tax credit.

3. Deductible charitable donations:
If you itemize, charitable donations lower your taxable income. Donations are tax-deductible up to 50% for most taxpayers. Check the IRS’ tax-exempt organization database to verify your donations.

4. Defer Bonuses: Request your company to pay your end-of-year bonus in January to lower taxable income. Independent contractors can delay invoices until January for a similar effect.

5. Combine Medical Costs:
Medical expenses over 7.5% of AGI are deductible. Last-minute medical appointments can enhance spending if you’re near to the limit. If not, postpone medical bills until after the new year.

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Boost Your Tax Refund

Making these changes online from home can save you a lot and boost your tax return.

These tips are part of a larger campaign to educate people about tax season financial benefits. Staying informed and seizing opportunities to improve your finances is crucial.

Tax season is approaching, thus the article offers useful advice. These strategies may enhance tax refunds and help people make smart financial decisions in the coming year.

READ ALSO: MONEY MATTERS Five money moves to get the most from your tax refund in the new year – and you can do it online

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