How to get a $10 000 tax refund in 2024?

How do I get a 10,000 tax refund? You could end up with a $10,000 tax refund if you've paid significantly more tax payments than you owe at the end of the year .

What's the best use of the family's tax return?

Pay down credit card debt That may not seem like a lot, but interest adds up quickly. One of the best ways to use your tax refund is to pay down or pay off high-interest credit cards , especially if you're carrying high balances or you're maxed out on several cards.

How to get extra $1,000 tax return?

If you're a college student or supporting a child in college, you may be eligible to claim valuable education credits . The American Opportunity Credit is refundable up to $1,000. This means you could receive as much as $1,000, even if you don't have a tax bill.

Which filing status gives the biggest refund?

Although the amounts generally increase each year, in 2023 individuals and married couples filing separately can claim a $13,850 Standard Deduction, joint filers and surviving spouses can claim an $27,700 deduction and filing as head of household gives you an $20,800 deduction.

What is the IRS $7430 credit?

One child with AGI of up to $46,560 for single filers or $53,120 for joint filers - $3,995 credit. Two children with AGI of up to $52,918 for single filers or $59,478 for joint filers - $6,604 credit. Three or more children with AGI of up to $56,838 or $63,398 for joint files - $7,430 credit.

Is it better to claim 1 or 0 on your taxes?

Claiming 1 on your tax return reduces withholdings with each paycheck , which means you make more money on a week-to-week basis. When you claim 0 allowances, the IRS withholds more money each paycheck but you get a larger tax return.

Can I claim my girlfriend as a dependent?

To qualify as a dependent, your partner must have lived with you for the entire calendar year and listed your home as their official residence for the full year . If your partner has gross income above a certain amount ($4,700 for tax year 2023), you can't claim that person as a dependent.

How to get the most back on taxes as a single person?

Identifying and claiming tax deductions will reduce your taxable income. Exploring tax credits can significantly increase tax refunds . Maximizing contributions to retirement accounts can increase tax benefits. Consider adjusting withholding to optimize tax refunds.

What not to do with your tax refund?

Spending the Money Before You Receive It One of the worst things you can do is spend your tax refund before you've even received it. Even if you got a head start on tax season and you know the amount you will receive, you might not want to spend your refund until you have the check in hand.

What's the biggest tax refund ever?

Plus Tax Tips For Small Business Owners. In what could be the most amazing tax move ever, a Georgia woman filed a $94 MILLION tax refund! You have to make over $1.6 billion dollars in income to pay $94 million taxes with Georgia's 6% state income tax rate.

Will I get a bigger tax refund in 2024?

So far in 2024, the average federal income tax refund is $2,850, an increase of 3.5% from 2023 . It's not entirely unexpected: To adjust for inflation, the IRS raised both the standard deduction and tax brackets by about 7%.

What is the inflation relief check for 2024?

To qualify for the $1,200 check in 2024, residents must have filed their taxes for the 2020 tax year, lived in California for at least half of 2020, and used an ITIN. The income threshold is set at $75,000 or less for California Adjusted Gross Income (AGI), targeting financial assistance to those who need it most.

What is the rebate for 2024?

Under the Budget 2024 and Assurance Package (AP), your household will receive 2.5 times the amount of regular U-Save, or up to $950 , in Financial Year 2024. The additional rebates aim to help Singaporean HDB households cope with increases in their utility bills.

7 Exciting & Smart Ways to Spend Your Tax Return

Are you one of our lucky Pearls who is getting a refund from their taxes this year? Lucky! I bet you are so excited! I am excited for you! Do you already have plans on different ways to spend your tax return?

There is so much that you can do with that cash!

Would you mind me offering a few suggestions as to what you should do with that money? To be sure you are intentional with those dolla bills and don’t end up wondering where it all went!

What if you could use that tax return to help your family by actually starting to gain traction on your goals?

Think of all the stress it will lift from your shoulders! Think of the excitement and hope you could provide!

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Being intentional with your spending is exactly what will get you closer and closer to reaching your dreams for your family! How you spend your tax return is an amazing opportunity to do exactly that!

Here are 7 smart ways to spend your tax return that will get you excited about the progress your making towards reaching your goals.

Catch up on past due bills

Are you behind on any bills. Use your tax return as an opportunity to get back on top. Making sure that you are current on all your bills is step one to ending that paycheck to paycheck life. So now is your chance to get started!

Be sure that once you are all caught up you take a look at your family finances and find the cause of falling behind on your bills. That way you don’t find yourself in the same place in a couple months.

Fund your cash envelope system

In this article I share with you exactly how our family uses a cash envelope system. We do things a bit differently than most. We fund our cash envelopes with income from last month.

Meaning, when it comes to our cash we are an entire month ahead. This is amazing because we don’t have to wait for payday to go shopping. The first of every month we have every dollar we need ready to go!

Using our system for cash envelopes also opens more opportunities to save money like doing monthly grocery shopping. Using your tax return to fund your cash envelopes is a super smart move!

Invest in rescuing your family finances

I get messages from our Pearls on a daily basis wondering where to start. How does she once and for all end the paycheck to paycheck lifestyle for her family? Well, it’s a little more in depth then what I can communicate through an email.

I created an online course just for her! A step by step four week process for eliminating a negative mindset about your money. Defeating all the bad attitudes and habits that keep drawing you off track. This easy to follow online course walks you through creating a customized goal based budget and financial action plan specific to your family’s life! It has to be customized or it won’t stick!

I’m obviously biased here, but using a part of your tax return to invest in 30 Day Family Finance Rescue is a very smart option! Our current Pearl students have been sharing how for the first time in a LONG time they still have money in their bank accounts when the next payday hits and they don’t worry about overdraft fees anymore!

Our Pearl students are making major progress in reaching those dreams and goals, where that just a few weeks ago didn’t seem realistic. But now they have a customized step by step plan to make those goals a reality!

Get a month ahead of your bills

A giant perk to being an entire month ahead of your bills is saying goodbye to late fees. Also, being able to set up autopay and paying all other bills at the beginning of the month makes things a lot more streamlined.

Using your tax return to get a month ahead of your bills will free up your options when it comes to paying the bills and will free you from being tied to a pay schedule.

Emergency fund

Don’t have an emergency fund yet? Use your tax return to help fund a $1,000-$2,000 emergency fund. Setting aside a savings account used exclusively for emergencies has to be one of the best decisions we have ever made.

When working towards your other exciting goals, things come up. Accidents happen and just plain bad luck. But with a good emergency fund in place, those bad times don’t seem so bad and will only momentarily pause your progress rather than throwing you completely off track from reaching your goals!

Put it towards your debt

If you have an emergency fund in place, use that tax return to help get yourself out of debt. Man! I can’t explain the freedom that comes once you get rid of that bondage! Make becoming debt free your number one priority! So many doors open and suddenly all your dreams for your family feel within reach!

Make an extra mortgage payment

One of the most exciting ways to spend your tax return has to be using it towards an extra payment on your mortgage! Did you know that just one extra mortgage payment a year can cut SEVERAL years and tens of thousands of dollars off your repayment? Go play around with this mortgage repayment calculator and I dare you to not get excited!

If our family made just one extra payment a year, we would cut SEVEN YEARS and over $77,000 off our repayment! How crazy is that! That is a lot of freedom with little effort needed! How much time and money could you save?

Take Action!

I want you to make a decision within the next 48 hours on what you plan to do with your tax return. Here is a free printable that will make the process a bit easier for ya.

There is a section for you to write down several different goals that you would like to use your tax return towards. Write down every goal and the total amount of cash each goal would require.

There is also an area where you can write down how much you estimate to receive for your tax return. Or if you already have that exact number, write it in that same box.

Now you’re ready to prioritize and assign. Which goals align best with what your family currently values most and holds as a top priority. Make sure that your choices keep you on path to reaching your family’s goals.

The point of this exercise is to be sure that you are intentional with the way you are spending your tax return. Put your hard earned cash towards something that gets you closer to your goals and not on something random that gets you nowhere.

Xoxo,

Brittany

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About Brittany Cooper

My name is Brittany and I am devoted to saving our family money in everything we do. Yes I do coupon but that is not the only frugal thing I do. I'm a bargain hunter, tester of all things DIY, trip planner, our family’s chef, and lover of all things chic. I may be obsessed with being frugal but I still love to add bits of beauty to our home. Decorating on pennies works, it just takes a little patience. I am a firm believer that with a bit of planning you can save your family a lot of money.

7 Exciting & Smart Ways to Spend Your Tax Return - Pennies into Pearls (2024)