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As you file this year, take the opportunity to make a few simple but legit moves that could help you pay less in taxes next year.
Some examples: Accelerating certain deductions, such as mortgage interest and medical expenses.
Millions of Americans are anticipating to receive a substantial tax refund. While they may use this windfall to pay off debt, build up their emergency savings account, or invest in retirement plans, many will also treat themselves with some money. Whether they’re looking to buy new clothes, furniture, or appliances or take that vacation they’ve been planning all year, maximizing their refund will help them make the most of this financial windfall.
The good news is that you can give shoppers even more incentives to spend their hard-earned money when you run a sale on your eCommerce website during tax season. Since 3 out of 4 taxpayers receive a refund, this is the ideal time to target these customers and encourage them to shop with you.
For example, a company offers free online and in-person tax preparation services for those filing their returns. You can also find a variety of freebies on TurboTax coupons that may appeal to your audience, such as instant savings of up to $70 or up to 15% off software purchases.
Donating goods to charity is another way to boost your refund. You can donate non-cash items like clothing, electronics, and furniture to a qualified organization and deduct their total selling price. You can also get a tax deduction for mileage when you drive to a donation site, as long as you keep records of your travels.
Another way to maximize your refund is to schedule any health-related treatments or exams in the year’s final quarter so you can take advantage of your medical expense deductions. Similarly, taking a course to advance your career or improve your skills may allow you to claim the Lifetime Learning Credit that could add up to $2,000.
Everyone wants to minimize expenses, whether getting a tax refund or paying what you owe. That’s why many retailers offer promotions during tax season that help you save money on the products and services you need to file and maximize your deductions.
One way to increase your medical expense deduction potential is by scheduling health-related appointments and treatments in the last quarter of the year. Similarly, if you’re self-employed, buying new equipment and supplies before the end of the year can save you tax write-offs. And if you’re thinking about taking a class to improve your skills, sign up before the end of the year to qualify for the Lifetime Learning Credit, which gives you up to $2,000 in credits per tax return.
To reduce your tax burden, make charitable donations before the end of the year to earn an income tax deduction. Or, if you’re self-employed, take advantage of the home office deduction to deduct expenses like paint, furniture, and appliances for your workspace.
Finally, if you’re a frequent shopper at your favourite stores, consider signing up for their rewards programs to receive discounts and bonuses. And remember to use online shopping tools for easy ordering.
With 3 out of 4 Americans expected to receive a refund this year, these tips can help you save when you shop and minimize the impact of your taxes. And if you’re an e-commerce store owner, these strategies can boost your sales during this critical time of the year.
While many people choose to save or invest their tax refunds, others treat it like cash burning a hole in their pocket. These shoppers are eager to spend and might be interested in purchasing items from your eCommerce site. To lure these customers:
Coupon databases are another helpful tool to remember, as they aggregate and organize coupons for your convenience.
Whether you’re an extreme couponer or just looking to save on your everyday purchases, there are plenty of ways to find coupons online and offline. You can purchase a Sunday newspaper for the coupon inserts or download apps to score cash-back offers on groceries and daily essentials. Look for product packaging coupons, and sign up for loyalty programs to earn discounts and perks.
Some retailers offer coupon “matchups,” which pair a store-offered discount with a manufacturer’s coupon to save even more. To find these deals, search online for your store’s ad or circular and add the word “matchup.” You can also find weekly store deal/coupon breakdowns on YouTube by searching “deals this week” or “coupon with me.” For example, if CVS has Bounty paper towels on sale two for $5, you can combine a coupon with this offer to save more.
It’s worth organizing your coupons using a binder or coupon wallet or saving them in digital folders on your phone or tablet. That can make it easier to know what you have and when it’s expiring, so you’re not wasting your hard-earned savings. And remember to pay attention to annual sales cycles, such as back-to-school and grocery sales. These are the best times to gather coupons for items you’ll use regularly, such as school supplies or household cleaning products.
Filing your taxes doesn’t have to be expensive, and maximizing your return is possible with intelligent budgeting. Consider these tips to help make this year’s tax filing a breeze and put your refund to work for you.
This is a collaborative post.
Welcome to Birds and Lilies! I'm Lou: mother, blogger and freelance writer. This is my lifestyle blog, where I talk about motherhood, infertility and IVF, beauty, my love for food and wine, as well as my thoughts about stuff, and our real-life and travel adventures.
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