Maximise Your Tax Refunds: Unleashing the Power of PreTaxO for US
1. Earned Income Tax Credit: PreTaxO specialises in identifying deductions that US Indians often overlook. One such valuable deduction is the Earned Income Tax Credit (EITC). In 2024, eligible taxpayers can claim a deduction of up to $7,830 through the EITC. Our team will ensure that you take full advantage of this credit and any other deductions and credits you qualify for.
2. Standard Deduction: Another important aspect of tax filings is the standard deduction. For 2023, the standard deduction for single filers is $13,850, while for married couples filing jointly, it is $27,700. By understanding and utilising the standard deduction, PreTaxO can help US Indians minimise their taxable income and maximise their refunds.
3. Education Expenses: Education expenses can burden US Indians, but they may be eligible for tax deductions or credits. The American Opportunity Credit offers up to $2,500 in tax credits for qualified education expenses. PreTaxO will ensure you take full advantage of these deductions and credits, reducing your tax liability and increasing your refund.
4. Homeownership Benefits: Owning a home in the US provides tax benefits. PreTaxO will guide you through deductions such as mortgage interest, property taxes, and points paid on a mortgage. In 2024, the mortgage interest deduction allows you to deduct interest paid on up to $750,000 of mortgage debt for qualified residences.
5. IRA Contributions: PreTaxO will help you contribute to IRA contributions. In 2023, US Indians can contribute up to $6,500 towards their IRA account. If you’re 50 years or older, you can make an additional catch-up contribution of $1,000. Looking ahead to 2024, the maximum IRA contribution limit will increase to $7,000, with a $1,000 catch-up contribution for those aged 50 and above.
Conclusion:
Maximising tax refunds for US Indians can be challenging, but PreTaxO is here to help. Our experienced tax consultants understand the complexities of the US tax system and will guide you through the process. With our expertise, you can confidently navigate deductions and credits, ensuring compliance and maximizing your tax refunds. Let PreTaxO be your trusted tax manager and experience the peace of mind that comes with expert guidance.