Tax Trends and Tips to Help You Save on Your Upcoming Taxes

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We are all looking for ways to save money, right? Well, Intuit TurboTax, America's number 1 tax prep provider, has released new data and key insights on how Americans earned, spent, and saved on their taxes last year, what they can look forward to for tax year 2023, and how they can save on their upcoming taxes.

Transcript

00:00 (upbeat music)

00:03 - We're all looking for ways to save money, right?

00:05 Well, Intuit TurboTax,

00:06 America's number one tax prep provider,

00:09 has released new data and key insights

00:11 on how Americans earned, spent,

00:13 and saved on their taxes last year,

00:15 what they can look forward to for tax year 2023,

00:19 and how they can save on their upcoming taxes.

00:22 - We have some really interesting findings

00:25 based on anonymized and aggregated data

00:28 from tax filers that file with TurboTax.

00:32 In the lowest income category,

00:34 we saw the reduction of refunds

00:37 was more pronounced among low income filers.

00:41 And we did see that lower by 22 percentage points

00:46 compared to tax year 2021.

00:49 We found that the percentage of filers

00:51 that received a form 1099 NEC or 1099 K

00:57 grew from 6.7% to 8.1%,

01:01 which is an indication of the growth in self-employed

01:05 or people working side gigs.

01:08 Single parents or single filers with dependents

01:12 that file as head of household

01:14 saw an increase of 8.6%

01:17 of their median adjusted gross income

01:19 compared to 2.7% in tax year 2021.

01:24 And the percentage of filers reporting crypto transactions

01:27 was still the highest among age 25 to 34,

01:32 although all age groups did see a decline.

01:36 - So what can we do to better ourselves in the coming year?

01:39 - Remember those valuable credits,

01:41 like the child tax credit up to $2,000

01:44 or the child and dependent care credit.

01:46 And then also the IRS,

01:48 they made adjustments to many tax deductions

01:52 that are available.

01:54 So for instance, the standard deduction,

01:56 that was increased,

01:58 the most it's been increased in decades.

02:00 And then also, you know,

02:02 there are moves you can make by the end of the year

02:04 that can help your tax situation,

02:06 like maximizing your retirement plans.

02:09 You build your nest egg,

02:11 and then you're also able to lower your taxable income

02:15 by doing that.

02:16 - And of course, you should enlist help from the experts.

02:19 Green-Lewis says last tax season,

02:21 TurboTax processed 45 million US tax returns

02:24 and $106 billion in tax refunds.

02:28 - We're able to help get the maximum refund

02:31 that they're eligible for and easily file their taxes.

02:35 So whether you wanna do your taxes yourself,

02:37 you wanna get help along the way

02:39 or fully hand your taxes off to a tax expert,

02:43 virtually or in person,

02:45 you can get your taxes done with TurboTax.

02:47 - To learn more about the TurboTax tax trend report

02:50 and how TurboTax can help, visit the TurboTax blog.

02:54 (upbeat music)

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