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Financial experts give tips on how to maximize your tax refund

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With the arrival of tax season comes the chance to receive a tax refund beacon of monetary reward according to many individuals. The approach you’re taking throughout the application process can significantly impact the dimensions of your refund, and financial experts highlight key strategies to optimize your refunds.

One of the important thing decisions for tax filers is selecting between standard deductions and itemized deductions. The standard deduction, set this 12 months at $14,600 for single people and $29,200 for married people, provides a direct reduction in taxable income.

However, itemized deductions, which include expenses equivalent to charitable contributions, gambling losses and mortgage interest, may exceed the usual deduction for some people. Dan White, founding father of the financial consulting firm Daniel A. White & Associates, notes that while the usual deduction is preferred for many filers due to its expansion within the 2017 tax change, those electing to itemize deductions should consolidate eligible expenses into one calendar 12 months to maximize the deduction.

In addition to deductions, tax credits offer one other opportunity to increase your refund. Gregory King, an authorized public accountant and tax specialist on the financial advisory firm Empower, highlights the usually ignored importance of tax deductions. “Everyone usually thinks about itemizing their deductions to increase their refund, but many people forget to check their tax deductions, and that can make a big difference,” King said.

For example, the Electric Vehicle Tax Credit, providing up to $7,500 for qualifying vehicles, and the Home Energy Efficiency Tax Credit, offering a 30% rebate on renovation costs, could significantly impact returns. The child tax credit, currently $2,000 per child, could also increase to $3,600 if the most recent legislative measures are passed.

Contributing to a retirement account is proving to be a reliable tax-saving method. Contributions to accounts equivalent to 401(k)s and traditional IRAs are tax-deductible, offering the twin good thing about reducing your taxable income and financially securing your savings for the long run. Financial advisor James Cox of Harris Financial Group encourages individuals to benefit from this chance before the April 15 tax filing deadline.

Finally, while it’s too late to impact the present tax season, making tax-deductible donations generally is a consistent strategy for future returns. Experts advise strategically planning your contributions to align with your financial goals.

As tax filers come to grips with complex deductions and credits, insights from financial experts may also help them claim a more significant tax refund, providing a welcome financial boost during tax season.


This article was originally published on : www.blackenterprise.com
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Business and Finance

Here’s why you may be paying Trump’s tariffs

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US retailers’ alliance with foreign suppliers could potentially result in higher prices for a variety of products due to Donald Trump’s victory within the White House and his proposed import tariffs, reports

In a report released November 4 by the National Retail Federation (NRF), American consumers I can expect lose $46 billion to $78 billion in purchasing power over the following few years on products similar to clothing, toys, furniture, home appliances, footwear and travel items as a consequence of tariffs. NRF Vice President for Supply Chain and Customs Policy Jonathan Gold issued an announcement explaining what the tariff is and the way it affects firms. “A tariff is a tax paid by the U.S. importer, not the foreign country or exporter. This tax will ultimately come out of consumers’ pockets in the shape of upper prices,” Gold said.

“Retailers rely heavily on imported products and manufacturing components so they can offer their customers a variety of products at affordable prices.”

Examples include a $50 pair of sneakers that can go from $59 to $64, or a $2,000 mattress and box spring set for $2,190.

The introduction of tariffs isn’t Trump’s first proposal. During his first term, his administration set a goal of imposing tariffs of as much as 25% on greater than $360 billion in Chinese products. The Biden-Harris administration kept most of those tariffs and added additional ones on Chinese electric cars and microchips.

Under Trump and Vance, the team plans to impose a 60% tax on Chinese-made goods and a 10-20% tax on $3 trillion value of foreign goods imported by the U.S. annually. During the campaign, Trump promised to scale back inflation, but US Treasury Secretary Janet Yellen warned that because the tariffs would be mostly paid, they might only increase them. “A consistent theoretical and empirical finding in economics is that domestic consumers and domestic firms bear the brunt of tariffs, not the foreign country,” the Yale University Budget Laboratory said in a mid-October 2024 evaluation.

Trump, nonetheless, argues that the tariffs will profit the U.S. economy in some ways, similar to encouraging countries to barter more successful trade deals and limiting other countries from “dumping” their products within the U.S. at below-market prices, he says. Another reason is to motivate nations to scale back customs duties on shipments to their countries from the USA

The four-time impeached president-elect has accused other countries of imposing much higher tariffs on imports than the United States, and has also criticized trade agreements – similar to NAFTA – which have led to more foreign imports into the country than US exports to other countries. In 2020, the Trump administration replaced NAFTA with the United States-Mexico-Canada Agreement.

For now, it’s unclear when or if the brand new administration will begin tightening tariffs, as the method requires laws to extend fees, which could take as much as a yr.


This article was originally published on : www.blackenterprise.com
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The US dollar fell as voters headed to the polls

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The US dollar dropped in value on November 5 as crowds of American voters went to the polls to forged their ballots.

The dollar even fell in betting markets like PredictIt and Polymarket indicated The probabilities of Trump winning the presidential election are increasing, Reuters reports. With Donald Trump returning to the White House with a Republican-led House and Senate, extreme currency movements ought to be expected.

Trump’s immigration and tariff policies are expected to fuel inflation, while tax cuts for the wealthy and deregulation could spur growth by pushing up longer-dated Treasury yields and pushing up the value of the dollar.

By contrast, a Democratic victory was expected to weaken the dollar as bets on Trump were withdrawn, and investors were concerned about the economic impact of upper taxes on the wealthy and stricter business regulations.

“We may be seeing some leveling off… my impression is that people are being cautious,” said Steve Englander, head of worldwide G10 FX research and macroeconomic strategy for North America at Standard Chartered Bank’s New York branch.

“Right now, the mood seems to be in favor of Trump,” Englander said. “On the other hand, for most of October and early November, Trump’s trading was characterized by a stronger dollar and higher yields.”

Globally, a Trump victory may lead to a weakening of the euro, Mexican peso and Chinese yuan, as these regions could face recent tariffs under his administration. Bitcoin rose 2.76% to $68,928, with Trump’s views seen as more favorable towards cryptocurrencies. Traders are closely watching the Federal Reserve’s two-day meeting that ends on Thursday, expecting the U.S. central bank to cut rates of interest by 25 basis points.

Elsewhere on Tuesday, the U.S. services sector rose to its highest level in greater than two years in October, with employment rebounding strongly. This suggests that the near halt in job growth last month was an aberration.


This article was originally published on : www.blackenterprise.com
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First Black-owned gift wrapping brand sold at Lowe’s, Hallmark

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Ardean Miller, pioneering entrepreneur Mah Melaninis breaking barriers because the founding father of the primary Black-owned gift wrapping brand, partnering with Hallmark and Lowe’s across the country. With a concentrate on cultural representation, she founded Mah Melanin to fill a niche available in the market for products that commemorate the wonder and variety of black culture.

“When I started Mah Melanin, I wanted to create something more than just beautiful gift packaging. I wanted to start a movement — a place where our stories are told, our beauty is celebrated, and our community is uplifted,” she says. “Partnering with these iconic retailers is a testament to the growing demand for products that reflect our experiences and heritage.”

Breaking down barriers and empowering communities

The partnership with Hallmark and Lowe’s represents a big step toward greater diversity and inclusion within the retail space, reflecting a broader cultural shift. This groundbreaking achievement highlights the growing recognition of the importance of culturally authentic products that encourage and empower.

Under her leadership, Mah Melanin has developed from a small start-up right into a nationally recognized brand. The company has gained endorsements from industry icons comparable to Teddy Riley, Master P and Denise Boutte, and has been noticed by major organizations including an NBA feature and a finalist on QVC’s “The Big Find.” These awards confirm the brand’s commitment to quality, creativity and resilience.

Inspiring the subsequent generation of Black entrepreneurs

He is devoted to not only the success of his brand, but in addition supporting the expansion of other Black entrepreneurs by offering mentorship, sharing resources and creating opportunities for collaboration. Through his efforts, he wants to construct a legacy that can encourage future generations to interrupt barriers and achieve greatness,” he adds.

Mah Melanin’s journey reflects a commitment to celebrating Black culture and amplifying Black and Brown voices through its products, making a profound impact available in the market and beyond.

Discover their products at MahMelanin.com and remember to follow the brand Facebook AND Instagram

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This article was originally published on : www.blackenterprise.com
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