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10 Tax tips for individuals

  1. Maximize your deductions by itemizing expenses such as mortgage interest, charitable donations, and state and local taxes.
  2. Take advantage of tax credits, such as the Earned Income Tax Credit, for those with low to moderate income.
  3. Take advantage of tax-advantaged savings plans, such as 401(k)s and IRAs, to lower your taxable income.
  4. Keep accurate records and save receipts for any expenses that may be tax-deductible.
  5. Stay informed of changes to tax laws and regulations to ensure you are taking advantage of all available deductions and credits.
  6. Consider hiring a tax professional to help navigate the complex tax code and ensure you are taking advantage of all available deductions and credits.
  7. Be aware of deadlines and file your taxes on time to avoid penalties.
  8. Be mindful of the alternative minimum tax (AMT) and how it may affect your tax liability.
  9. Keep your documents and records for at least three years in case of an audit.
  10. Take advantage of free e-filing options if you are eligible.


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