Impactful Changes in 2024 Tax Refunds and Strategies to Maximize Your Return
Friday, 15 March 2024, 13:30
Understanding the Increase in Average Tax Refunds
The IRS reports a 2.1% increase in the average tax refund for the 2024 tax season, signaling beneficial changes for taxpayers. The rise is attributed to adjustments in the standard deduction and tax brackets, allowing for higher potential refunds.
Strategies to Maximize Your Refund
- Do Your Own Taxes: Consider utilizing tax preparation software to save on professional fees and potentially keep more of your refund.
- Contribute to Traditional IRA: Increase contributions to your IRA to reduce taxable income and boost potential refund amounts.
- Consider Itemizing Deductions: Explore itemized deductions to optimize your tax situation and potentially exceed the standard deduction.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.