{"id":2705,"date":"2024-04-12T17:18:28","date_gmt":"2024-04-12T11:48:28","guid":{"rendered":"https:\/\/ncblpc.org\/?p=2705"},"modified":"2024-04-12T18:04:44","modified_gmt":"2024-04-12T12:34:44","slug":"how-to-get-a-bigger-tax-refund","status":"publish","type":"post","link":"https:\/\/ncblpc.org\/how-to-get-a-bigger-tax-refund\/","title":{"rendered":"How to Get a Bigger Tax Refund? Check the Strategies and Considerations!"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Maximise tax refund with strategies and considerations. In 2024, new IRS brackets may boost refunds, possibly up to 10% more than last year, according to experts.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"font-weight: 400;\">How to Get a Bigger Tax Refund?<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">When it comes to maximising your tax refund, there are several strategies and considerations that can help you secure a larger refund.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Tax refunds in 2024 could be larger than the previous year due to new IRS brackets. Some experts mentioned that individuals might receive up to 10% more than the previous year.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">With careful planning and strategic deductions, however, you can maximise your tax benefit and potentially increase your refund amount.\u00a0<\/span><\/p>\n<ul>\n<li><a href=\"https:\/\/ncblpc.org\/additional-child-tax-credit-refund-date\/\"><strong>Additional Child Tax\u00a0 Credit Refund Date<\/strong><\/a><\/li>\n<li><strong><a href=\"https:\/\/ncblpc.org\/irs2go-refund-status\/\" data-wpel-link=\"internal\">IRS2Go Refund Status<\/a><\/strong><\/li>\n<li><a href=\"https:\/\/ncblpc.org\/susi-payment-dates\/\"><strong>SUSI\u00a0Payment Date<\/strong><\/a><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Strategies to Get a Bigger Tax Refund<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Here are some key strategies to consider to get a bigger tax refund:<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Know Your Filing Status:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Choosing the right filing status significantly impacts your tax liability and potential refund.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Common options include single, married filing jointly, married filing separately, head of household, and qualifying widow(er).\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Claim Eligible Deductions:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deductions directly reduce your taxable income, potentially leading to a larger refund. The two main categories are standard deductions and itemised deductions.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The standard deduction is a fixed dollar amount set by the IRS and often the simpler option.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, if your itemised deductions (like mortgage interest, charitable contributions, and certain medical expenses) exceed the standard deduction, you might benefit from itemising.\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Explore Tax Credits:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Unlike deductions, tax credits directly reduce the amount of tax you owe dollar-for-dollar.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Some common examples include the Earned Income Tax Credit (EITC), Child Tax Credit, and American Opportunity Tax Credit.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Eligibility requirements vary, so carefully review the IRS website to determine which credits you qualify for.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Contribute to Retirement and Health Savings Accounts:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Contributions to certain accounts, like traditional IRAs, 401(k)s, Health Savings Accounts (HSAs), and Flexible Spending Accounts (FSAs), are often tax-deductible.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This lowers your taxable income, potentially increasing your refund.\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Review Withholding Allowances:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your employer withholds taxes from your paychecks based on your W-4 form selections.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If you constantly receive large refunds or owe taxes at year-end, consider adjusting your W-4 allowances using the IRS Withholding Estimator.\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Seek Professional Guidance (Optional):<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tax laws can be complex, and navigating them independently can be overwhelming.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If you have a complicated financial situation, own a business, or have significant investments, consider consulting a qualified tax professional.\u00a0<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2706\" src=\"https:\/\/i0.wp.com\/ncblpc.org\/wp-content\/uploads\/2024\/03\/How-to-Get-a-Bigger-Tax-Refund.png?resize=640%2C360&#038;ssl=1\" alt=\"How to Get a Bigger Tax Refund?\" width=\"640\" height=\"360\" srcset=\"https:\/\/i0.wp.com\/ncblpc.org\/wp-content\/uploads\/2024\/03\/How-to-Get-a-Bigger-Tax-Refund.png?w=640&amp;ssl=1 640w, https:\/\/i0.wp.com\/ncblpc.org\/wp-content\/uploads\/2024\/03\/How-to-Get-a-Bigger-Tax-Refund.png?resize=300%2C169&amp;ssl=1 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-recalc-dims=\"1\" \/><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-weight: 400;\">New IRS Brackets that could increase your refund this year<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The 2024 tax brackets were adjusted for inflation, resulting in increases of approximately 5.4% compared to the 2023 brackets. This means that if your income remained consistent in 2023 compared to 2022, you might be in a lower tax bracket in 2024, potentially leading to a larger refund when you file your tax return.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Single filers and married couples filing jointly:<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Single Filers:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxable income less than or equal to $11,600: 10% tax rate<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxable income between $11,601 and $47,150: 12% tax rate<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxable income between $47,151 and $100,525: 22% tax rate<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxable income above $100,525: 24% tax rate<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Married Filing Jointly:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxable income less than or equal to $23,200: 10% tax rate<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxable income between $23,201 and $94,300: 12% tax rate<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxable income between $94,301 and $201,050: 22% tax rate<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taxable income above $201,050: 24% tax rate<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Some tax credits to Increase your Refund<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Here are some tax credits that can potentially increase your tax refund in 2024:<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Earned Income Tax Credit (EITC):\u00a0<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This refundable credit is available to low- and moderate-income workers and families.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The amount of the credit you receive depends on your income, filing status, and the number of qualifying children you have.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Child Tax Credit:\u00a0<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This credit is available to taxpayers with qualifying children under the age of 17.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The amount of the credit is generally non-refundable, meaning it can only reduce your tax liability to zero, but cannot create a refund.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, if the credit amount exceeds your tax liability, a portion may be refundable.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>American Opportunity Tax Credit:\u00a0<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This credit helps offset education expenses for qualified higher education students.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The credit is partially refundable, meaning it can reduce your tax liability to zero and provide a refund for any remaining amount.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Additional Child Tax Credit:\u00a0<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This credit is available to qualifying taxpayers who care for a dependent under the age of 19 or a disabled dependent of any age.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The credit is non-refundable, but it can reduce your tax liability.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Saver&#8217;s Credit:\u00a0<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This credit is available to low- and moderate-income individuals who contribute to a retirement account, such as an IRA or a 401(k).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The credit provides a percentage of your contributions back as a tax credit.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Health Coverage Tax Credit:\u00a0<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">This credit helps individuals and families afford health insurance purchased through the Health Insurance Marketplace.<\/span><\/li>\n<\/ul>\n<div>\n<div>\n<p>Go to\u00a0<a href=\"https:\/\/ncblpc.org\/\" data-wpel-link=\"internal\">NCBLPC<\/a> Homepage To Get Relevant Content.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Maximise tax refund with strategies and considerations. In 2024, new IRS brackets may boost refunds, possibly up to 10% more than last year, according to experts. How to Get a Bigger Tax Refund? When it comes to maximising your tax refund, there are several strategies and considerations that can help you secure a larger refund.\u00a0 &#8230; <a title=\"How to Get a Bigger Tax Refund? Check the Strategies and Considerations!\" class=\"read-more\" href=\"https:\/\/ncblpc.org\/how-to-get-a-bigger-tax-refund\/\" aria-label=\"Read more about How to Get a Bigger Tax Refund? Check the Strategies and Considerations!\">Read more<\/a><\/p>\n","protected":false},"author":4,"featured_media":2706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"_links":{"self":[{"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/posts\/2705"}],"collection":[{"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/comments?post=2705"}],"version-history":[{"count":3,"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/posts\/2705\/revisions"}],"predecessor-version":[{"id":2843,"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/posts\/2705\/revisions\/2843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/media\/2706"}],"wp:attachment":[{"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/media?parent=2705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/categories?post=2705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncblpc.org\/wp-json\/wp\/v2\/tags?post=2705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}