Top 4 Tax Tips You Need for 2024
#1 — Get Those Tax Breaks
One of the most consistently important tips! Don't forget about all of the ways you can get a tax break this season. A few of the most common tax breaks are:
- Charitable Donations
- Student Loan Interest
- Child and Dependent Care
- Refinancing a Mortgage
- Jury Duty
- 401ks
#2 — File For Free
If you make less than $80k/year...
- Go to irs.gov
- Click file your taxes for free
- Use Option 1: Guided Software
If you make more than $80k/year...
Use CashApp taxes to file state and federal for free!
#3 — Consider Itemizing
When filing your taxes, it's obviously SO much easier to click that standard deduction option. But hold up…you might want to consider itemizing, ESPECIALLY if you're a freelancer or small business owner. It'll take more work and time, but if you had work expenses that totaled more than $14,600 (for single filers), itemizing is the option for you!
#3 — Take Advantage of Tax Credits
There are SO many credits available that many taxpayers don't even know about. Some of the biggest tax credits people miss are the Saver's Tax Credit (yes, get credit for saving money!), American Opportunity Credit (designed for eligible students participating in an education program higher than high school), and Child Tax Credit (claim those kids, parents!)
Need more help filing taxes?
My FREE TAX QUIZ will help you figure out if you can do them on your own or if you need to hire someone. Don't worry — I give you resources on who to hire too!
