Getting a tax refund often feels like luck, but it usually comes down to knowing which tax credits you qualify for and claiming them correctly. Tax credits can help reduce your tax bill dollar-for-dollar. Some are even refundable, meaning you could get money back from the IRS even if you don’t owe any taxes. GOBankingRates spoke to David A. Perez, a tax professional and founder of Tax Maverick, who said many people miss out on tax credits because they don’t understand how they work or if they qualify. He ...

Group 1: Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) - FSAs are employer-sponsored benefits allowing employees to save pretax dollars for qualified healthcare and dependent care expenses, including out-of-pocket costs like deductibles and co-pays [2][4] - Contributions to FSAs lower taxable income, and withdrawals for qualified medical expenses are tax-free [1][4] - HSAs can be paired with high-deductible health insurance plans, allowing for tax-free growth and withdrawals for qualified medical expenses [4][3] Group 2: Employer Contributions and Unclaimed Benefits - Many employees leave employer contributions, such as 401(k) matches, unclaimed, with nearly 30% of workers not capturing their full 401(k) match [5][11] - Thousands of dollars in employer contributions and tax credits go unclaimed annually, often due to employees not opting in [6] - Employees must use FSA funds within the plan year, as leftover cash typically cannot roll over, necessitating careful planning of contributions [6] Group 3: Tax Credits and Workplace Perks - Tax credits can significantly reduce tax liability and include various types such as the Earned Income Tax Credit and Child Tax Credit [20] - Employers may offer additional benefits like tuition reimbursement, commuter benefits, and health and wellness perks, which often require annual enrollment [16][20] - Employees should regularly review their benefits package to ensure they are not missing out on unclaimed perks [14][20]

The Trump administration issued new guidance on the use of foreign materials and components in US clean energy projects, in a move that would further limit access to lucrative tax credits https://t.co/QH2St5dywd ...

Looking for a big refund? Some of the biggest movers of the needle are tax credits.Here’s a look at some of the most common tax credits—and how they can save you money: https://t.co/aFUkbhRe8N (Photo: Getty Images) https://t.co/NxzygL68HG ...

Tax credits are the best way to keep more of your money come April 15 because — unlike deductions, which only reduce your taxable income — they lower your bill on a dollar-for-dollar basis. Even better, you get cash back from the credits that are refundable or partially refundable once your tax bill falls to zero. However, some of the best tax credits are easy to miss. Some people mistakenly assume you have to itemize to claim all of them. Others leave money on the table over confusion about phaseouts. ...

Looking for a big refund? Some of the biggest movers of the needle are tax credits.Here’s a look at some of the most common tax credits—and how they can save you money: https://t.co/aFUkbhRe8N (Photo: Getty Images) https://t.co/N2xAsEqtJx ...

Before you file your taxes, a little prep can save you time, stress, and even money. Here's a tax season checklist for everything you'll [music] need. First, gather your personal information.That includes social security numbers for you, your spouse, and any dependent, plus dates of birth and your current address. You also want your bank information, [music] including routing and account numbers, so your refund can be deposited directly, and [music] you don't have to wait for a check. It's also helpful to h ...

Core Insights - Taxpayers have until April 15, 2026, to file their taxes, but delaying can lead to mistakes and missed tax breaks [1] Group 1: Organization and Preparation - Utilizing a single digital folder for all tax-related documents can simplify the filing process and help maintain organization [2] - Even for simple tax situations, having organized documents prevents last-minute scrambling [3] - Reviewing the previous year's tax return is crucial as life changes can significantly impact the current tax situation [4][5] Group 2: Deductions and Credits - Tax credits and deductions vary yearly, and it is important to check what is available, such as the Earned Income Tax Credit (EITC), which ranges from $649 to $8,046 depending on the number of qualifying children [7] - Gathering all necessary documents in advance and considering professional assistance can ease the tax filing process [8]

Core Insights - The article discusses the financial situation of Americans aged 55-64, highlighting their savings patterns and investment strategies as they approach retirement [1][4][6]. Group 1: Savings and Investment Patterns - A significant portion of individuals aged 55-64 have savings in various accounts, with over half holding retirement accounts [2][4]. - The median balance for bank accounts among this age group is reported at $8,000, which is higher than younger peers but lower than older individuals [3][6]. - The Federal Reserve's Survey of Consumer Finances indicates that median savings balances increase with age, ranging from $5,400 for those under 35 to $13,400 for those aged 65-74 [4]. Group 2: Financial Flexibility and Retirement Planning - Individuals in their 50s and 60s may experience increased financial flexibility due to fewer obligations, allowing them to focus on retirement savings [5][6]. - Financial experts recommend that even small monthly contributions to retirement accounts can significantly enhance savings over time, emphasizing the importance of long-term investment strategies [6][9]. - It is suggested that individuals discuss their retirement plans with partners to align their visions and expectations [12]. Group 3: Strategies for Maximizing Retirement Savings - Various strategies are recommended for maximizing retirement savings, including utilizing high-yield savings accounts and certificates of deposit (CDs) to enhance short-term savings [12][13]. - High-yield savings accounts currently offer annual percentage yields (APY) between 4.00% and 5.00%, making them suitable for emergency funds [13]. - CDs provide fixed rates for a set period, with top-paying options offering yields as high as 4.40% [14][15].

Group 1 - The article discusses various legal strategies to lower tax bills, categorized into quick wins, opportunities for freelancers, and long-term wealth-building strategies [1] - Retirement accounts are highlighted as a primary method to reduce taxable income, with 401(k) contribution limits set at $24,500 for 2026, and catch-up contributions for those aged 50 and older potentially increasing this to $35,750 [2] - Health Savings Accounts (HSAs) are praised for their triple tax benefits, with contribution limits of $4,400 for individual coverage and $8,750 for family coverage in 2026 [3] Group 2 - The standard deduction for 2025 is noted to be $16,100 for single filers and $32,200 for married couples filing jointly, with advice to take the standard deduction unless itemized deductions exceed these amounts [4] - Common itemized deductions include mortgage interest, state and local taxes capped at $10,000, charitable donations, and medical expenses exceeding 7.5% of adjusted gross income [5] - Tax credits are emphasized as more beneficial than deductions, with the child tax credit providing up to $2,200 per qualifying child under 17 [6] Group 3 - Self-employed workers are identified as having significant opportunities for tax savings through business expense deductions, which can include home office space, internet and phone bills, and work-related subscriptions [8]