Maximize your Tax Benefits: To Sleep or not to Sleep – That is the Question
Key Points
- Don’t Ignore Deductions: Jordan Curnutt recommends not sleeping on potential tax deductions that could help lighten your tax burden. Forget the Ambien, it’s the season of 1099s and W2s – let’s focus on some tax deduction therapy.
- Benefits of a Home Office: Did you turn your guest room into a makeshift office this year? If you answered with a sleepy ‘yes’, then waking up to a potential home office deduction could be your saving grace. Wear pajamas to a meeting? Tax deduction!
- Real Estate Tax Breaks: Real estate provides certain tax breaks which according to Mr. Curnutt, are often overlooked. Almost as overlooked as your mom’s advice to invest in real estate when you had the chance.
- Health Savings Account (HSA): Apparently Health Savings Account (HSA) taxpayers can go back in time and make contributions for the previous year – something usually only Doctor Who can do. This is a pleasant plot twist that could save you money, and potentially fund one of those pandemic makeovers.
- Fundraisers and Charity: Donations made to charity can also lighten the tax load. So this is the perfect excuse to donate to that cat rescue you’ve been eyeing, guilt-free because it’s for a cause – tax deductions!
Hot Take
When Tax Season rolls around, it’s like playing musical chairs – you don’t want to be the one left standing when the music stops, and with Mr. Curnutt’s advice, you might just snag the best seat in the house and quite possibly one with a lovely, money-saving view. Forget counting sheep, start counting on deductions! Your home office (aka the guest room/ laundry sorting space/ secret snack hideout) could be a goldmine of hidden savings. Don’t let potential real estate tax breaks slide like you let that Harry Potter collectable set slip away on eBay.
HSA’s are not just for your health; they’re for your financial health too. Who knew we could channel Dr. Who an go back in time, at least when it comes to taxes? And when it comes to charity, remember being generous not only warms your heart but may also warm your wallet with tax deductions! So go ahead, save the kittens, but also save some pennies too because Tax Season doesn’t have to be the Nightmare before April 15th.
Summary
In today’s episode of ‘Tax Wars: Return of the Deductions’, Jordan Curnutt guides us towards the savvy route saying, ‘sleep is for the weak – at least when it comes to tax season.’ Let’s face it, it’s only ‘tedious’ if you don’t understand it; once you know where to look for potential deductions and how to play the tax game, it’s more like a scavenger hunt. So keep your eyes wide open, deductions are calling, and they don’t come with a snooze button!
Original article: https://www.inman.com/2024/02/19/savvy-tax-strategies-to-see-you-through-the-2023-tax-season/
