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☆ Don't overlook these 3 tax moves that could save you thousands, experts say
  + stars: | 2024-04-04 | by ( Ryan Ermey | ) www.cnbc.com   time to read: +4 min
It could also mean taking a few minutes to click around the deductions page on your tax software to make sure you're not leaving money on the table. Here are three tax moves that experts say people tend to overlook. If you didn't hit your maximum contribution for 2023, you can retroactively direct funds to those accounts for the 2023 tax year. If you have children or other dependents, for instance, your tax prep software will likely guide you to the Child Tax Credit and the Child and Dependent Care Credit. "You're not going to enter something in wrong and the program's not going to give you the Child Tax Credit.
Persons: Mark Jaeger, Hunt, Jaeger, Ed deHaan, deHaan, de Haan Organizations: Child Tax, Care, American Opportunity, Tax, Stanford Graduate School of Business, Research Locations: TaxAct
☆ These 3 tax rules weren't a big deal last year—now they could cost you thousands, experts say
  + stars: | 2024-03-26 | by ( Ryan Ermey | ) www.cnbc.com   time to read: +4 min
Some forms that may not have been on your radar last year could drastically raise or lower your bill for tax year 2023, experts say. Here are three tax documents you may have forgotten about last year that could be important this tax season. 1099-INT for savings accountsYou always owed federal income tax on interest from savings accounts. Even if you forgot to report a chunk of your interest income, "the main story is not to panic. For 2023, you may receive a Form 1099-MISC or 1099-B from the financial institution you use to trade crypto.
Persons: Ed deHaan, you've, Mark Jaeger, Jaeger, Matt Metras Organizations: Stanford Graduate School of Business, Federal Reserve, IRS, MDM Financial Services, CNBC Locations: TaxAct
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