The Ultimate Guide to Winning the 2024 Tax Season Game

Ah, taxes. They say it's one of the only certainties in life, right next to death.

But what if I told you that one of the most polarizing figures in recent history, Donald Trump, managed to dance around this inevitability?

(Photo : Getty Images) Donald Trump

You might be thinking, "Wait, what? How?" Today we're about to delve deep into the labyrinth of Trump's tax secrets. From paying little to no income tax over several years to how you can do the same.

Let's embark on this investigative journey together. 

1. Mark Your Calendar: Tax Deadlines

The 2024 tax season kicked off on January 29.

From then until the magic date of April 15, it's a race against time to file your returns.

Remember, filing early can mean getting your refund sooner. I once procrastinated and ended up rushing my tax filing. The stress was not worth it!

2. Tax Refunds: A Silver Lining

Despite the anxiety around tax season, there's a silver lining - tax refunds! As of February 16, the IRS has issued over $66.9 billion in tax refunds. That's a whole lot of cash going back into taxpayers' pockets!

3. The Crypto Question

With the rise of cryptocurrencies, many are wondering how to handle their crypto gains and losses. Yes, you can report crypto losses on your taxes, but be sure to understand the rules and regulations around it. When I first invested in crypto, I had no idea it would impact my taxes. Let's just say it was a learning experience!

4. Don't Leave Money on the Table

Did you know nearly 1 in 5 eligible taxpayers don't claim the Earned Income Tax Credit? That's like leaving free money on the table! Always explore all possible credits and deductions to maximize your savings.

5. Be Aware of Big Changes

Every tax season brings its own set of changes. Stay informed about these changes to avoid any unpleasant surprises. I remember one year when a tax law change significantly impacted my return. It felt like a plot twist in the middle of a movie!

6. Seek Professional Help If Needed

Tax laws can be complex and confusing. Don't hesitate to seek professional help if you need it. A good tax professional can help you navigate the tax labyrinth and potentially save you a lot of money. The first time I hired a tax professional, it was like having a personal tour guide through the tax jungle.

7. Don't Forget about Extensions

If you're unable to file your taxes by April 15, you can request an extension. But remember, an extension to file is not an extension to pay. You'll still need to estimate and pay any owed taxes by the original deadline to avoid potential penalties.

Conclusion: Winning the Tax Season Game

The 2024 tax season might seem daunting, but with the right knowledge and preparation, you can come out on top. Remember, the goal of the game is to minimize your tax liability and maximize your refund. So, do your homework, stay organized, and don't leave any money on the table. Here's to a successful tax season!

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