GET YOUR BIGGEST REFUND IN 2022 Don’t Dread Tax Season
ABOVE-THE-LINE DEDUCTIONS
No one likes tax season, but the 75% of taxpayers who receive refunds every year appreciate the extra cash. However, many people inadvertently overpay their taxes and lose out on money they’re legally owed. Don’t let that happen to you — make sure you get your maximum refund by paying attention to the following factors.
If your biggest refund comes via the standard deduction, you can still claim additional tax money back. With “above-the-line deductions,” you don’t have to itemize. If you contribute to a health savings account (HSA) or individual retirement account (IRA), you might be eligible for an additional deduction. People who pay student loan interest, teachers who purchase school supplies, or individuals who pay alimony can also claim these costs above the line.
ITEMIZATION
One of the most crucial decisions you’ll make when filing your taxes is taking the standard deduction or choosing to itemize deductions. Due to recent tax reforms, more people should take the standard deduction than in previous years — TurboTax and the IRS estimate that about 90% of taxpayers will get more money back by choosing the standard deduction. But if you have hefty state or local taxes, pay large amounts of mortgage interest, or donate generous amounts to charitable organizations, it’s worth the time to determine if itemizing will get you a larger refund.
EARNED INCOME TAX CREDIT
People with low to moderate incomes can claim the earned income tax credit (EITC), but about 1 in 5 eligible taxpayers fail to do so every year. Some taxpayers don’t realize they qualify; others (mistakenly) decide not to file taxes because their income is below the IRS’ filing threshold. Whether you’re eligible for the EITC will depend on your income and household size, but those who qualify
can reduce the amount of taxes they pay by $500–$6,000 and receive a larger refund check.
This year, don’t leave any money on the table. You earned it, so it should go in your wallet. But taxes can be tricky. If your situation is complicated or you don’t know where to start with filing, see a tax expert.
Make Your Wife AND Your Accountant Love You
BY ‘COUNTING THE WAYS’ THIS VALENTINE’S DAY
I’m about to save your butt this Valentine’s Day, and I expect a big thanks — especially if you’re one of those guys who desperately needs a reminder that it happens every year. This holiday is all about making your woman happy, and after nearly 40 years of marriage, I know the way to do it! This is a present you should start working on NOW … and strangely, it reminds me of real estate investing. The core of this gift is that age-old question: “How do I love thee?” And the answer is: “Let me count the ways.” Every lady out there enjoys a sweet list of the things you love about her. So, make your list now to prevent disaster later (and reduce your sentence eating Milk Bones and bunking with Fido). There are 100 reasons I love my wife — and there are also 100 things I do for my partner investors to increase the value of our properties.
Just let me count the ways! I know I’ve told you about tax rezoning, upgrading apartment management, bringing rents to market value, and replacing utilities, but sometimes more creative, out-of-the- ordinary solutions are called for — and I’ve got ‘em. Take the 24-unit Seasonview Apartments, which were delivered to me like a Valentine’s present. The owner needed cash fast to shore up financing on another property he owned, so he gave me a GREAT deal. Then, we did additional work to increase the value of the property. We constructed 24 one-car garages and poured a sea of concrete around them. Renters loved them! The improvements cost about $45,000 — and they brought the complex’s appraised value up from $675,000 to $905,000 in a little over a year. Now that’s a tidy sum that will keep an investor
out of the financial doghouse. Because of the garage costs, it took about nine months to get the cash flow returns to start producing … but they did so at about 9%. This Valentine’s Day, I highly suggest you take care of your gift NOW and contact me to join the list of investors who want in on my next project (like Seasonview). I can’t help you with your spouse, but the financial doghouse prevention number is 319-350-5378.
2 DARINGARMAN.COM
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