A lot has changed over the past few years, lucky for you whether your income went down or stayed the same, there are MULTIPLE ways to save. Our certified tax team has over 20 years of experience of filing mid to high income earners and business owners.
Tax deadline is April18, 2022
11 WAYS TO SAVE IN TAXES IN 2022
1. Paid medical and dental expenses? You could deduct certain expenses like visit fees, rehab, contact lenses, crutches etc.
2. Have student loans? Part of the interest can be claimed as an adjustment to your income rather than a deduction of up to $2,500.
3.Have a 401K/Retirement account? The savers credit may save you up to $2,000 on top of your contributions depending on your AGI.
4. Own a business? You can write off $15,000 or more in marketing fees, overhead costs and travel.
5. Use an HSA account? Just for contributing, you could receive deductions!
6. If you have a kid or dependent under 18, GOOD NEWS as child tax credits have increased up to $3,600 per child. $500 for adults under 24 enrolled in school.
7. Give back to charity or a religious organization? Your donations ARE tax deductible!
8. Use solar panels in any way? You qualify for deductions!
9. Purchase a vehicle in under a business entity! If you own a business this is ESSENTIAL for travel.
10. Purchased property this year? You qualify for deductions.
11. Have life insurance? The RIGHT policy will help you save in taxes!