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Ana Echeverri • February 13, 2024
5 Savings Tips for your Returns

5 Savings Tips To Maximize Your Tax Returns

Tax time is here, and no one wants to owe more money on their tax bill come filing time this April. However, there are several smart strategies you employ to reduce your tax liability and owe less taxes overall.

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Here are five ways to maximize your tax returns, according to CNET and Intuit:

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1.   Max Out Your Retirement Contributions

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Contributing the maximum amount to your retirement account(s) allows you to defer taxes on your income.   Retirement funds like 401(k)s and IRAs provide one of the most efficient vehicles for tax deduction.   Not only can you reduce your tax bill, but you’ll also be saving for your future.

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For 2023, the deduction limit for 401(k) contributions is $22,500, not counting employer contributions.  If you’re over 50, you can make additional catch-up contributions to your 401(k) totaling $7,500 per year (or $30,000 total) in 2023.   For IRAs, the maximum number of tax-deductible contributions for 2023 is $6,500, or $7,500 if you are over 50.

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2.   Defer Payments or Bonuses

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Regardless of the tax year, if you’re expected to receive a bonus or additional payment close to the end of the year, consider asking for a deferral.   This can include a holiday bonus from your employer or a lump sum payment as a freelancer.   The reason for deferring the payments to the following year?   You’ll delay your tax liability on this additional income into the following tax year.

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3.   Make Strategic Business Purchases

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If you already know you need to buy a new desk, a computer or more office supplies for next year, doing so before the end of the year allows you to take a large deduction.  Consider making bulk business purchases in advance of the end of the year so that you can reduce your tax liability now and get the things you need ahead of time.

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4.   Contribute More Money to Your HSA

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If you’re enrolled in a higher deductible medical insurance plan, you can add additional funds to your health savings account (HSA).   HSA contributions are tax deductible and allow you to pay for necessary medical expenses.  To be eligible for an HSA, your health insurance plan must impose the maximum annual out-of-pocket cost ceilings that meet the IRS’s limitations, and you must be enrolled in a plan that has high deductibles that meet or exceed the IRS’s required amounts.

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5.   Learn More About Tax Credits

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There are many tax credits that can offset your tax liability.   There’s the Earning Income Tax Credit, Child Tax Credit, and the American Opportunity Tax Credit just to name a few. It’s important to do some research or work with a tax professional to maximize and claim all the available tax credits you’re eligible for, thus reducing your tax liability.

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Reach out to us today and experience the difference of working with seasoned professionals!

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Office #: (407) 601-3157

Off. hours: Monday through Friday, from 9 A.M. to 5 P.M.

Email address:

Ana@AnaEcheverriAssociates.com

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Website: https://www.anaecheverriassociates.com/

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Ana Echeverri

Ana Echeveri is a Certified QuickBooks ProAvisor Advanced Online
Ana Echeveri is a Certified QuickBooks ProAvisor Payroll

Certified QuickBooks ProAdvisor

Ana can help you set up and manage your QuickBooks online and on desktop. Having a streamlined chart of accounts and strategy for accounting will help you understand your company's ins and outs.

By Ana Echeverri December 5, 2024
Are you ready to maximize your tax refund this year? 🏦💰 It’s time to get money-savvy and make the most of tax season! Here are some tips to help you claim every dollar you’re entitled to: . 1. Organize Your Documents Early Keep track of receipts, tax forms (W-2, 1099, etc.), and deductions throughout the year. A little preparation goes a long way in reducing stress and uncovering savings. . 2. Maximize Your Deductions Did you know that job-related expenses, medical bills, and charitable donations might qualify as deductions? Itemizing could unlock hidden savings that the standard deduction might overlook. . 3. Don’t Forget About Tax Credits Credits like the Earned Income Tax Credit (EITC), Child Tax Credit, and education-related credits (like the American Opportunity Credit) can significantly increase your refund. These credits often provide dollar-for-dollar savings. . 4. Contribute to Your Retirement Account Contributions to an IRA or 401(k) not only secure your future but also offer immediate tax benefits. Plus, some contributions might be deductible even after December 31! . 5. File Early Filing early reduces the chance of tax fraud and helps you receive your refund faster. Don’t procrastinate; the IRS starts processing returns in January. . 6. Double-Check Everything Simple mistakes like incorrect Social Security numbers or missed signatures can delay your refund. Review your return carefully before submitting it. . Remember, every dollar counts! A little effort now can lead to a bigger refund later. . Stay smart with your taxes! Reach out to us today and experience the difference of working with seasoned professionals! . Office #: (407) 601-3157 Off. hours: Monday through Friday, from 9 A.M. to 5 P.M. Email address: Ana@AnaEcheverriAssociates.com . Website: https://www.anaecheverriassociates.com/ . >>> [HABLAMOS ESPAÑOL] <<< . #OrganizeYourTaxes #SafeTaxDocuments #TaxSeason2023 #EarlyTaxFiling #TaxRefundSeason #FinancialPlanning #TaxPreparation #IncomeTaxTips #EstimatedTax #SmallBusiness #TaxTips #SmallBusiness #TaxDeductions
By Ana Echeverri January 30, 2024
2024 tax filing season starts as IRS begins accepting tax returns today.
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