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The tax season officially begins on Monday that Internal Income Services (IRS) A tax expert warns that it will start accepting a statement for the 2024 tax year, but the taxpayers must be aware of the deductions and credits that can be valued by thousands before registering.
Carla Dennis, CEO and founder of KDA, Inc., a tax strategy agency, told Fox Business that taxpayers are at risk of leaving more than $ 2500 to $ 5,000 due to lack of awareness of some cases. Tax credits and deductions That they may be eligible for requesting and reducing the amount of taxes for which they are committed.
“Many taxpayers put money on the table,” Denis said. I have been in the industry for over 30 years and when I work with people's taxes and talk to them, I find that they are very much of the many different tax credits that can use to compensate for their tax debt Are the information. “
Various tax credits and taxpayers are available for taxpayers who have spent on specific activities such as education, medical costs, state and local taxes, etc.
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The taxpayer must familiarize them with tax credits and deductions that may be eligible before submitting their tax return. (Michael Bochiri/Getty Image/Getty Image)
“Many taxpayers are changing jobs, they return to school, they are studying Higher educationDennis said, and they are not familiar with lifelong learning credentials, American opportunity credibility, and they can help reduce their overall tax debt.
He added that the US opportunity credit is up to $ 1,000 to refund, which can be useful for people looking to pay for class and other school costs.
Dennis said that taxpayers should monitor them Health Costs Activities throughout the year, because if these costs exceed 7.5 % of their modified gross income, they may be eligible for medical costs. For example, on the basis of $ 500,000 taxpayers can deduct costs above $ 3750.
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Tax credits and deductions can help the taxpayer minimize their tax debt. (ISTOCK / ISTOCK)
“They must use their withdrawal Premium Dennis explained that if they do not receive a pre -tax employer.
“There are long -term care premiums that, as a rejection, in addition to a joint payment for a doctor, emergency, office visit, the drug you pay to the pharmacy to receive prescriptions. “He added. Even by driving and returning to the doctor, you can get the mileage as a rejection.”
particle for direct object State and local tax Salt (SALT) is available for up to $ 10,000 for taxpayers who make their declaration partially. Dennis said the taxpayers who claim to be deducted must make sure that their income tax, asset taxes and DMV costs are raising.
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The IRS tax registration season for the 2024 tax year begins on Monday, January 27. (Photo by J. David Ake/Getty Images/Getty Images)
Dennis said individual taxpayers need to “be careful and realize that taxes are from January to December” so they should talk to a tax adviser early in the year to plan in advance.
He recommends that the taxpayers do what he calls “12 in 12” and in which they check their costs for each month from year to one during a 12 -day period, which believed He helps the taxpayer to prevent sadness. Last moment and forgetting things that could save on their money when recording taxes.
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Dennis added that taxpayers may benefit from stopping before submitting the declaration after preparing it so that they can think about something they may have forgotten so that they can add it before submitting and refuse to reform the statement.