Good Lifestyle

The tax season is in full swing, and if you are really aware of things, you may already have your taxes Before the deadline . But for those who have not deposited, the day of the tax is fast approaching, scheduled for April 18. Many of us have resumed the management of our taxes because the process is confusing, in general, but it can also be overwhelming to try to understand which deductions to take - and how to guarantee the biggest refund.

"People often neglect great tax economy opportunities because they just don't know them", " Eric Bronnenkant ,, tax chief In Betterment, tells Better life . "Or, because tax laws change, it becomes difficult to follow the latest deductions, credits and exemptions."

Fortunately, tax experts are there to help you, and they say that there are a few key ways to save that you may not even be aware. Read the rest for five tips to increase your 2022 income declaration.

Read this then: 3 IRS deductions that you cannot take this year, warn the experts .

There are five different deposit status , According to the Internal Internal Service (IRS): single, married married jointly, married separately separately, head of household and admissible widow (ER) with a dependent child.

According to tax experts, married couples should think about how they deposit, as this can affect the size of their reimbursement.

"Even if more than 95% of married couples rank jointly, this is not always the best option", " Colin Smith ,, CPA and founder of CPAEXAM MAVEN, tells Better life. "The separately deposit takes more time and efforts, but can offer increased tax savings and increase your income declaration."

Smith says that this could be useful to you if your spouse has significant medical expenses or Cobra (Consolidated Omnibus Budget Act after employment loss. "Here, the tax deposit can lead to a greater amount of tax deductions "He said.

Single taxpayers should not choose their deposit status either.

"For single taxpayers who have eligible dependence, their tax bill is often reduced if they deposit as a head of household, because this status brings a higher standard deduction and more favorable tax tranches," he said .

There is still time to contribute as much as possible to your health savings account (HSA), if you have one, Charlene Rhinehart ,, CPA and Personal financing publisher In Goodrx, tells Better life .

Each year, the IRS sets a limit for the amount you can contribute. For 2022, the limit is $ 3,650 if you have health coverage For yourself and $ 7,300 if you have coverage for your family, according to Fidelity. For those over 55, you can contact an additional $ 1,000. Whatever the amount you choose to contribute, reduces your taxable income.

"Even if we are well in 2023, many people may not know that it is still time to contribute to your HSA for the taxation year of 2022," explains Rhinehart. "As an individual, you can make contributions up to $ 3,650 until the day of the tax on April 18. The contributions paid directly into your HSA (as opposed to those automatically deduced from your pay check ) can lead to a tax deduction. "

"In addition, you have this money at your disposal to use on medical expenses on the road, so it's a win-win," adds Rhinehart.

Read this then: 4 warnings on the use of turbotax, according to experts .

Rhinehart also recommends checking tax credits to help give your reimbursement for 2022.

"There are many tax credits that can help you reduce your tax bill, or in some cases, can make money in your income tax return," said Rhinehart. "Some of these tax credits can be surprising, so it's always a good idea to check the list, even if you don't think you have qualified. You may be eligible for a refundable credit if you had a baby At any time from 2022 via the children's tax credit (CTC) or benefit from a non -refundable credit if you bought an electric vehicle last year. ""

For the CTC, parents of children under the age of 17 are eligible for up to $ 2,000 per child, explains Bronnenkamp. This number is actually decreasing compared to 2021, when the amount of the credit for those under six was $ 3,600 and $ 3,000 for those under 18.

Students should not ignore the American opportunities tax credit (AOTC), says Bronnenkamp - it is available for those of their first four years of college. He also recommends looking for tax credits for everything " Economic domestic improvements "You did in 2022.

Smith suggests looking for some of the less known tax deductions during the deposit. Tax deductions differ from credits, as they reduce your taxable income Before calculating what you need, according to the IRS. Credits, however, reduce the taxes you need or increase your refund. AE0FCC31AE342FD3A1346EBB1F342FCB

First of all, consider your charitable contributions. This year, the IRS has removed the standard deduction for charity donations, which allowed individual taxpayers to take a flat deduction of $ 300 and married couples that deposit jointly to take $ 600. To qualify for this deduction in 2022, you must detach your donations.

In this spirit, Smith recommends coming back to smaller donations that you have made instead of focusing only on adults.

"Keep a trace of the small contributions, such as the preserves that you have given to a food collection. If you tend to do many of these activities, you would be surprised at the speed with which these small expenses can add up," said- he.

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You may not realize that you can also deduct eligible medical expenses during your performance in 2022 and reduce the amount you need, says Rhinehart. In fact, there are a few expenses that you might be surprised to learn that you can apply.

"You will have to detail your deductions instead of taking the standard deduction," she explains. "Eligible expenses include transportation to a health establishment, hearing aids, pregnancy tests, prescription drugs and any payment made to your medical suppliers."

Rhinehart notes that this applies strictly to the costs you paid in your pocket, and all that your insurance or flexible expenditure account (FSA) has reimbursed you will not count.

"It is also important to remember that you can only deduct expenses that exceed 7.5% of your gross adjusted income, so it is a good idea to keep your receipts and execute the figures by a qualified professional for See if it is even logical to deduce them expenses, "she said.