Tax News Hubb
Advertisement Banner
  • Home
  • Tax Rates
  • Tax Types
  • Contact
No Result
View All Result
  • Home
  • Tax Rates
  • Tax Types
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Tax Rates

12 Ways to Save on Taxes Through Life’s Transitions

admin by admin
November 10, 2022
in Tax Rates


Reduce your taxes with a
personalized tax plan

Our experts review your unique situation and recommend proven tax strategies to lower your tax bill.

By selecting Learn More,
you will be leaving Intuit’s site.

Taxes are part of almost everything we do in life. There are, however, ways to save on your taxes through life’s transitions.

Here are 12 tax tips to help you save through major life events.

Education

  • Deduct your tuition. Education expenses may be tax deductible if they maintain or improve skills required in your employment.
  • Invest in a 529 plan to save for your children’s education. You won’t get a tax deduction, but there won’t be a tax on the earnings and growth of those funds if they are used for education.
  • Tally the cost of books and necessary supplies purchased for your education. Expenses directly related to your college education may be tax-deductible and may put more money back in your pocket.

The Working World

  • Invest in 401(k)s and IRAs as soon as possible. Small contributions growing from an early age are more valuable than large contributions made years later.
  • Learn about your company’s fringe benefits, such as tuition assistance plans, free employee counseling, mass transit commuting assistance, Health Savings Accounts, and other tax-free perks.
  • Get next year’s refund now by adjusting your withholding so that you break even with the IRS at the end of the year. If you need help saving, have money automatically deposited to savings from each paycheck.
  • Only borrow from your 401(k) in an emergency. The interest you pay on the loan won’t be tax deductible, and you will lose the capital appreciation you’d enjoy if you’d left it invested in the plan.

Family Life

  • Put tax-free money into your employer’s dependent care plan. Though this will reduce your child and dependent care credit, it’s still a good financial move for most taxpayers.
  • Claim the Child Tax Credit on your taxes. The Child Tax Credit is up to $2,000 for each dependent child under 17 and is available if your income is up to $200,000 single or head of household ( up to $400,000 if you are married filing jointly) TurboTax will ask you questions about your dependents and give you the deductions and credits related to your dependents that you’re eligible for or you can fully hand your taxes over to a TurboTax Live tax expert who can do your taxes from start to finish.
  • Gather your receipts for dependent care. You may be able to claim the Child and Dependent Care Credit even if you don’t work, if your spouse works and you are a full-time student or disabled. Don’t overlook expenses eligible for the Child and Dependent Care Credit such as nursery school, after school programs, and daycare.
  • File jointly. Married couples filing separately are barred from many tax deductions and credits, so unless you are trying to distance yourself from a tax-evading spouse or a soon-to-be-ex, a joint tax return is your best move. TurboTax helps you select the filing status that you are eligible for based on your entries.
  • Take advantage of the Other Dependent Credit for non-child dependents. If you take care of a non-child dependent like a parent, grandparent or even a friend, you may be able to claim the Other Dependent Credit that is $500 per eligible dependent.

Don’t worry about knowing all of these tax rules. Come to TurboTax and fully hand your taxes over to a TurboTax Live tax expert, available in English and Spanish, who can do your taxes from start to finish.All from the comfort of your own home.

Reduce your taxes with a
personalized tax plan

Our experts review your unique situation and recommend proven tax strategies to lower your tax bill.

By selecting Learn More,
you will be leaving Intuit’s site.

  • Previous Post

    What’s the Difference Between a Tax Credit and a Tax…

Ginita Wall

291 responses to “12 Ways to Save on Taxes Through Life’s Transitions”










Browse Related Articles

Intuit TurboTax Preps You For Post-Grad Life With These…

10 Commonly Overlooked Tax Deductions and Credits


  • Tax Deductions and Credits

10 Commonly Overlooked Tax Deductions and Credits

5 Common Tax Forms You Should Expect in the Mail


Teachers Can Still Save with the Educator Expense Deduc…


Are Student Loans Tax Deductible?

Save With These 8 End-of-Year Tax Tips


Tax Form Checklist for Simple Filers


Happy Valentine’s Day: Taxes…with Love

Should I Itemize Tax Deductions on My Taxes?

Real Talk Series: My daughter needs to take out student…





Source link

Previous Post

6 Reasons to Switch to TaxAct from Your Old Online Tax Provider

Next Post

Sale to IDGT, Death of Grantor, Basis Step-Up: Treasury’s Priority Guidance & the Dems’ Loss of the House

Next Post

Sale to IDGT, Death of Grantor, Basis Step-Up: Treasury’s Priority Guidance & the Dems’ Loss of the House

Recommended

Sale of Partnership Interests . . . In the Ordinary Course of Business?

1 week ago

Do You Have a Shoebox Full of Receipts? Failed to Implement Quickbooks?

7 months ago
tax-32

© Tax News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Tax Rates
  • Tax Types
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Tax Rates
  • Tax Types
  • Contact

© 2022 Tax News Hubb All rights reserved.