How to Get a Bigger Tax Refund in 2024: 9 Tips and Tricks

How to Get a Bigger Tax Refund in 2024: 9 Tips and Tricks. As we approach the upcoming tax season in 2024, you might be exploring ways to boost your tax refund, especially if you don’t qualify for other stimulus checks in the USA. Time is of the essence, with the IRS set to kick off the new tax season shortly.

This guide provides insights and strategies to help you secure a larger tax refund in the face of high prices and soaring mortgage interest rates in 2023.

Maximize Retirement Savings Accounts

One key strategy recommended by Lisa Greene-Lewis, a respected accountant and tax expert, is to maximize contributions to your retirement savings accounts. Whether you have an IRA or a 401(k), increasing your contributions can help you take full advantage of available deductions and enhance your tax refund.

Contribute to a Health Savings Account (HSA)

Boost your tax refund by contributing to a Health Savings Account (HSA). HSAs offer tax-free withdrawals for eligible medical expenses. Deducting contributions whenever possible can further optimize your tax situation.

Maximize Deductions

Consider the choice between standard deductions and itemizing to maximize your tax refund. Including deductible items such as mortgage interest rates and property taxes can significantly impact the overall amount you receive.

Leverage Charitable Contributions

Make your tax refund larger by contributing to charitable causes. Donating allows you to deduct charitable contributions, providing an additional avenue to enhance your tax situation while making a positive impact.

Obtain a Social Security Number for Your Newborn

If you’ve recently welcomed a new addition to your family, ensure you obtain a Social Security number for your baby. This step allows you to take advantage of potential tax credits and benefits, especially if your child has a disability.

Focus on Energy Efficiency

Explore opportunities to improve energy efficiency in your home, as this can contribute to a larger tax refund. Tax credits are available for home improvements aimed at energy efficiency, and purchasing an electric vehicle can result in cash incentives of up to $7,500.

Deduct Stock Losses

If you experienced losses in the stock market, consider deducting those losses from your tax bill. This approach can contribute to a larger tax refund and may also qualify you for tax credits related to property losses due to natural disasters.

Time Your Bonus Receipt

Discuss with your employer the possibility of receiving your bonus after filing your taxes. Timing your bonus receipt can impact your overall earnings and potentially lead to a lower tax liability.

Optimize Additional Mortgage Payments

Explore the potential benefits of making additional mortgage payments before the end of the year. Timing these payments strategically may result in deductions that can positively influence your tax refund.

By implementing these tips and tricks, you can enhance your chances of securing a bigger tax refund in 2024 and navigate the complexities of the upcoming tax season more effectively.

Conclusion

Implementing these tax strategies can significantly boost your 2024 refund. From maximizing deductions to leveraging energy efficiency credits, these tips offer a roadmap for navigating tax season and securing a more substantial financial return.