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For this week's discussion, we were tasked with searching the following: What do I need to know before I file my taxes and Tax changes
For this week's discussion, we were tasked with searching the following: "What do I need to know before I file my taxes" and "Tax changes to know before filing my taxes". Findings: I reviewed articles posted on the IRS website and what I found most interesting was the energy related tax credits. After studying the Energy Efficient Home Improvement Credit, I found out my fiance, Colin, missed out on claiming this tax credit for 2023. Colin purchased 2 new furnaces for his duplex during 2023 which ultimately make our home more energy efficient and lowered our energy costs significantly. We need to install new exterior doors this summer, so we will be sure to purchase ones that meet applicable Energy Star requirements so we can receive a credit of $250 per door up to $500 max. It's important that taxpayers are educated on updates to tax laws and changes to maximize their current year's after-tax income and also plan for future year tax expenses. How do I respond to this
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