As the tax season approaches, individuals and families are encouraged to prepare effectively to avoid common pitfalls and maximize their refunds. According to the Wall Street Journal, taxpayers are reminded that various tax changes are expected for the upcoming season, particularly with the new regulations set to take effect in 2025. Key strategies include understanding the limits on deductions, filing options, and knowing deadlines. Experts recommend that taxpayers gather relevant documents early, examine potential tax credits, and stay informed about changes in tax laws. In addition, CNBC highlights that year-end moves can significantly lower tax bills, advising individuals to consider contributing to retirement accounts or making charitable donations before the year closes to maximize tax benefits. Furthermore, North Jersey provides crucial timelines for the 2024 tax refund process, stating, “Taxpayers can generally expect to receive their refunds within 21 days if they file electronically and choose direct deposit.” The importance of tracking refunds and understanding IRS regulations was emphasized as crucial for a smooth tax season. Engaging with a tax professional might also be beneficial, especially as complexities increase with evolving tax legislation.
Key Insights for Tax Season 2024: Tips to Avoid Mistakes and Maximize Refunds
