How to maximize your 2024 tax refund, according to a CPA

The end of the year means it's time to start looking ahead to tax season. Dan Geltrude, certified public accountant, joins CBS News to share steps you can take now to set yourself up for an easier time come April.

#news #taxes #accountant

[nephetula]

All these experts tell you "Maximize your charitable contributions!"
But over 90% of the taxpayers can't itemize, so charitable contributions aren't a deduction.
Then they tell you "Make your maximum IRA contributions!"
But less than 15% of people are contributing to an IRA in the first place.

So evidently, these "expert tips" aren't doing anything to help 85%-90% of the taxpayers.

[josephinebardot]

Thank you so much for this video. Super helpful and well-presented. Your time and effort is most appreciated!

[DimplesGenX]

These are tax tips for the upper class not the average worker.

[Andres_]

Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

[robertmclean]

American tax payers should group together and withhold all tax payments until our demands are met:

1: Abolishment of the current reporting systems utilized. All numbers are transparently displayed

2: Employers face Federal prison for not sending appropriate tax documentation via certified mail.

3: A three way digital authentication system between workers, employers, and the IRS.

4: Forgiving payment plans for tax payers to pay their tax burden.

5: Peoples and organizations with incomes greater than $300, 000.00 USD paying larger tax burdens.

[outroseok]

I'm only getting $39 back for this year's federal return....

[swannman]

This was advice for boomers. What about the working poor formally known as middle class? The entitlement of an entire generation is killing our country.

[BryceJohnson]

If you get a refund, you paid in too much. It's not a bonus

[DanH-uf]

You don't want to have a tax refund. That means you didn't do your deductions correct.

[charlesbusch]

Maximing your refund means you have not properly planned your liability.

[dammyfash]

How would you advise your client to trigger capital losses just to maximize their tax refund? Did you consider the net effect of the loss compared to the taxes avoided? Your license as a CPA should be revoked lol

[street_cheeks]

ppl get refunds? this is a joke either way. f this system

[makeracistsafraidagain]

We maximize our returns by having a professional do the math.. and we have never cheated the government out of a penny we owed.
People who actually love our country, actually pay everything they owe. It’s patriotic.

[Jesusgirl]

Itemizing instead of doing standard is costing me more. For thebfirst time in 5 years i owe. I hear people that have no changes are owing for the first time. Even with kids. This is crazy. I dont think theyre giving us breaks.

[SL-vsfs]

2023 tax refund. You have paid $0 in 2024 taxes.