Taxpayers leaving thousands of dollars on the table at tax time: expert
Published On Jan 27, 2025, 6:00 AM
As the 2024 tax filing season begins, experts warn that many taxpayers might miss out on significant deductions and credits, potentially costing them between $2,500 and $5,000. Tax strategist Karla Dennis highlights the importance of understanding available tax credits related to education and healthcare, as well as deductions for medical expenses and insurance. She advises individuals to review their expenses throughout the year and consult tax professionals to maximize their refunds and minimize liabilities.
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The focus on tax credits and deductions highlights an awareness and preparedness among taxpayers that could lead to increased spending on services like tax consulting and financial planning. Companies in these sectors may see a boost in business as taxpayers seek to optimize their refunds.
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