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How to Maximize Your Tax Refund: 10 Savvy Tips on Filing Status, Credits, Deductions, and More
- January 12, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
No CommentsTo optimize your tax situation, select the most beneficial filing status, such as comparing joint versus separate if you’re married. If eligible, utilize the earned income tax credit, which can reduce your tax liability and potentially result in a refund. Parents should consider the child tax credit, which can significantly decrease your tax bill if you meet the income and dependency criteria. Evaluate whether itemizing deductions or using the standard deduction is more advantageous for you. Contributing to a traditional IRA can help save for retirement while reducing taxable income. Lastly, maximize contributions to a health savings account if you have a high-deductible health plan, as these contributions are tax-deductible.
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