5 Tips for 2022 Tax Year
5 tips!
- Contribute to retirement accounts: Consider contributing to a 401(k) or IRA to lower your taxable income and potentially increase your tax refund.
- Keep track of business expenses: Make sure to keep receipts and records of all business expenses, including miles driven for business purposes, to maximize deductions.
- Take advantage of tax credits: Research and take advantage of tax credits, such as the earned income tax credit or the child and dependent care credit, to lower your tax bill.
- Consider your filing status: Evaluate your filing status and determine if it’s best to file jointly or separately with your spouse.
- Plan for estimated tax payments: If you’re self-employed or have other income that isn’t taxed at the source, make sure to plan for and make estimated tax payments to avoid penalties.
Note: These tips are general in nature and may not apply to every individual or business. It’s always recommended to consult a tax professional for personalized advice.
