The tax season can be stressful, so it is important to be ready and fully aware of the best ways to recover the largest amount of money.
The United States newspaper spoke with many tax and accounting experts who shared their most important advice on how to save money and get a quick return.
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Americans may leave up to $ 5,000 on the table by not planning and overlooking the credits and discounts available to them, according to some experts.
Taxes are scheduled for 2024 revenues on April 15 for most people; However, there are exceptions to some files.
These include about 10 million people affected by the Los Angeles fires, with the affected people until October 15 to serve.
Tax expert Chris Rivera said people can follow some simple tips to help save money.
First, Rivera said it is important not to miss any discounts. For example, if you work for your own account or own a company, it is a guarantee that you can claim discounts such as home office expenses, work miles and internet costs.
Also, use detailed records to support these claims.
Second, take advantage of the tax credits. Rivera tax credit, such as tax credit, or tax credit for children, said that dollar discounts against the dollar in the tax due.
Finally, be sure to choose the appropriate deposit status, which can greatly affect your tax obligations.
The senior business consultant and tax specialist, Abigil Wright, added that the tax season could be real pain, but it should not be.
Wright said there are a number of simple ways to save, including ensuring that all records are present.
“If your receipts, bills and records are here, and there, everywhere, it's really easy to lose something important,” said Wright.
Experts can help
“Keep everything in one place, save you time and may save you some money.”
Putting money account may also help you save money by paying less taxes this year.
Also, Wright said sometimes it was good to get the help of experts.
“I have helped many business owners in making smart tax decisions for years, and allow me to tell you-these men make a big difference. They know the rules and can find ways to save the money that you may miss.”
“The taxes should not be overwhelming; a little planning and the correct advice may enable you to manage it as a professional, or even proceed with it.”
Tax credits “better than discounts”
Tax expert Carla Dennis added that tax credits were “always better than discounts” because it reduces income to determine the tax declaration.
Turbotax expert Lisa Green-Yais said that people should provide “as soon as possible” for a faster return, noting that the average recovery was already approaching $ 3,000.
First, collect all your documents in one place so that you do not leave receipts and forms for expenses that may deserve discounts and credits such as day care expenses, kidney expenses or expenses directly related to your work if you are working for your own account, she said.
“If you work for your own account, do not forget the expenses related to commercial travel, commercial miles, supplies, electronics, and home office, you can save you money.
“Do you know if you have bought a four -wheel drive vehicle weighing 6000 pounds and less than 14,000 pounds for your work and used it more than 50 % for your work you may be able to deduct up to $ 30,500.
“One of the only movements that you can do this year and make a positive impact on your 2024 taxes is to contribute to your Irish Republican Army.”
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