Most young Americans overpay taxes
because they don’t know these tricks!<\/p>\n\n\n\n
TIP 1 \u2014 CONTRIBUTE TO 401K:
\u2192 Reduces taxable income dollar for dollar
\u2192 $5,000 in 401k = $1,100 less in taxes
\u2192 (at 22% tax bracket)
\u2192 Free money from the government!<\/p>\n\n\n\n
TIP 2 \u2014 DEDUCT STUDENT LOAN INTEREST:
\u2192 Deduct up to $2,500\/year
\u2192 Even if you don’t itemize!
\u2192 At 22% bracket = $550 saved<\/p>\n\n\n\n
TIP 3 \u2014 CLAIM EDUCATION TAX CREDITS:
Still in school?
\u2192 American Opportunity Credit: up to $2,500
\u2192 Lifetime Learning Credit: up to $2,000
\u2192 These are CREDITS not deductions
\u2192 Directly reduces your tax bill!<\/p>\n\n\n\n
TIP 4 \u2014 HOME OFFICE DEDUCTION:
\u2192 Freelancer or self employed?
\u2192 Deduct home office expenses
\u2192 Must be dedicated workspace
\u2192 Deduct % of rent, utilities, internet<\/p>\n\n\n\n
TIP 5 \u2014 TRACK ALL BUSINESS EXPENSES:
Self employed or side hustle?
Deduct everything:
\u2192 Computer and equipment
\u2192 Phone bill (% used for work)
\u2192 Internet bill (% used for work)
\u2192 Professional development courses
\u2192 Business related travel<\/p>\n\n\n\n
TIP 6 \u2014 USE HSA IF AVAILABLE:
\u2192 Health Savings Account
\u2192 Triple tax advantage!
\u2192 Tax deductible contributions
\u2192 Tax free growth
\u2192 Tax free withdrawals for medical
\u2192 Contribute max: $4,150 single (2026)<\/p>\n\n\n\n
TIP 7 \u2014 FILE YOUR TAXES FREE:
\u2192 IRS Free File if income under $79,000
\u2192 FreeTaxUSA (free federal always)
\u2192 Cash App Taxes (completely free)
\u2192 Don’t pay $150+ at H&R Block!<\/p>\n\n\n\n
TIP 8 \u2014 CLAIM EARNED INCOME CREDIT:
\u2192 Low to moderate income workers
\u2192 Could get $600-7,000 back!
\u2192 Many people miss this
\u2192 Check if you qualify at IRS.gov<\/p>\n\n\n\n
TIP 9 \u2014 INVEST TAX REFUND:
\u2192 Average refund: $3,100
\u2192 Put directly into Roth IRA
\u2192 $3,100 invested at 22 years old
\u2192 = $90,000+ at retirement!<\/p>\n\n\n\n
TIP 10 \u2014 HIRE CPA FOR FIRST COMPLEX YEAR:
\u2192 Side hustle + regular job?
\u2192 CPA pays for itself in savings
\u2192 Cost: $150-400
\u2192 Potential savings: $500-2,000+<\/p>\n\n\n\n
Knowledge of taxes = more money kept! 💰<\/p>\n","protected":false},"excerpt":{"rendered":"
Most young Americans overpay taxesbecause they don’t know these tricks! TIP 1 \u2014 CONTRIBUTE TO 401K:\u2192 Reduces taxable income dollar for dollar\u2192 $5,000 in 401k = $1,100 less in taxes\u2192 (at 22% tax bracket)\u2192 Free money from the government! TIP 2 \u2014 DEDUCT STUDENT LOAN INTEREST:\u2192 Deduct up to $2,500\/year\u2192 Even if you don’t itemize!\u2192 … <\/p>\n","protected":false},"author":1,"featured_media":147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-renting-home-buying","grid-sizer"],"_links":{"self":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts\/140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=140"}],"version-history":[{"count":1,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts\/140\/revisions"}],"predecessor-version":[{"id":141,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts\/140\/revisions\/141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/media\/147"}],"wp:attachment":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}