End of Year Tax Tips to Increase Your Tax Refund – TurboTax Tax Tip Video

https://turbotax.intuit.com 2022 may be coming to an end, but your tax savings are just starting! Come join the party to discover end of year tax tips that can help you get a bigger tax refund in the new year. From end of year bonuses to winning stocks, this tax information may lead you to reduce your taxes owed and receive your biggest tax refund yet.

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Video transcript – “End of Year Tax Tips to Increase Your Tax Refund – TurboTax Tax Tip Video”:

As you get ready to ring in the new year, we want to help you ring in your biggest refund yet. Join the party as we count down the top five tax tips you need to know before the ball drops. One great way to reduce your taxable income while building your nest egg is to contribute to a retirement savings account. Whether you’re contributing to a 401k or a traditional IRA, or whether you’re self-employed, contributing to an SEP IRA, you can reduce your taxable income while saving for the future. Do you have a flexible spending account to cover out-of-pocket health care expenses? Check your account rules to make sure you spend your money before the year ends if it won’t rollover. Are you in school or thinking of taking a class? The lifetime learning credit is a tax credit for those continuing their education. It could save you up to $2,000 on your taxes. If you have a few stock investments in your portfolio and you have some losing stock, don’t worry. Know that you can recognize your losses and offset your losses against the gains of your winning stock, thus lowering your taxes. And lastly, if you’re expecting a holiday or end of the year bonus, congratulations. But know that extra money could bump you up to a higher tax bracket and increase the amount you owe on taxes. So if possible, see if your company can push that extra income back a little bit until after December 31st. So you don’t have to pay taxes on it for this year’s tax filing. For more ways to save big at tax time, go to the TurboTax blog.

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