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INSIDE THIS ISSUE
1. 2.
Find Balance Amidst the Holiday Hustle
Tips to Make the Best Thanksgiving Turkey
Celebrate Thanksgiving While Acknowledging the Past
3.
Help Your Teen Thrive in the Social Media Age
Tasty Apple Pie
4.
The Top 5 Tax Saving Tips of 2023!
Just because the year is coming to a close does not mean your tax bill is finalized. While your options might be more limited, there are still ways you can lower your tax bill, save money, and even secure better tax options in the future. Add to your retirement accounts. You still have time to contribute to a retirement account as long as you are funding a traditional IRA or Roth IRA. You have until the tax filing due date to make a deductible contribution, ultimately lowering your tax bill. You should speak with your tax professional to understand your options and what retirement contribution would be best for you. Itemize your tax deductions. Standard deductions are certainly the easiest route when filing your taxes, but itemizing your deductions can save you money. Itemizing would be an excellent choice for those who are self-employed, homeowners, living in a high-tax area, or those that make significant charitable contributions. If your expenses add up to more than the 2023 standard deduction, then itemizing your deductions is most certainly worth it. Include dependent taxpayer IDs. Always ensure you include taxpayer IDs for your dependents. If you forget to put your
child or other dependent’s ID or Social Security number on your tax return, you could be denied dependent credits that you rightfully deserve. An example would be the child tax credit, which can reach a maximum of $2,000 per child. Check your eligibility for the home office tax deduction. Most people seem to be wary of claiming a home office tax deduction, but if you are eligible, this can save you a significant amount of money. The requirements for this deduction were even loosened in the past year to support those who are self-employed. This deduction allows you to write off any expenses in your home office as long as this office is used exclusively for business. Valid expenses include rent, utilities, insurance, and even housekeeping! File electronically. Lastly, while filing electronically might not save you money, it will always get you your refund faster. When you file online instead of through the mail, you can expect your refund to arrive 3–6 weeks earlier. The IRS also checks electronic returns, leaving fewer chances for errors, delays, and penalties.
MAXIMIZE YOUR TAX SAVINGS BEFORE YEAR-END
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