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2024 Simplified Methods to Save on Federal and Ohio Taxes
Federal Tax Savings: It’s pay to play now. Spend or set aside money for tax savings:
Increase 401K/IRA contributions. Additional contribution allowed if over age 50.
Increase Health Savings account contributions. No employer option? Set up your own fee free account at bank or brokerage. Contributions are tax deductible.
Have almost enough to itemize? Prepay your real estate taxes or other medicals so have enough to itemize. If combine deductions so can itemize every other year can save more than claiming the standard deduction every year.
Energy Credit. Own or rent a home? If its not as warm as you would like, install additional insulation or replace a window or door. Credit is 30% of the purchase price. Subtracted from taxes dollar for dollar.
Hate your electric bill? Consult with an solar expert see if solar panels/wind/geothermal would work for your situation. Expenses would qualify for energy credit.
Ohio Tax Savings:
Have children who may go to college? Consider setting up a 529 Account to save for their college expenses. Info: https://www.collegeadvantage.com/
Educating kids at home? Check out the Ohio Homeschooling credit. Child must be formally excused from mandatory school education by School District Superintendent. Up to $250.00 CREDIT. Lowers taxes dollar for dollar.
Medical expenses. If can’t deduct on the Federal Tax Return, see if can deduct on the Ohio Medical Worksheet. Retirees usually have better luck with this option. Medical expense includes the Medicare Part B and Medicare Supplemental insurance premiums paid out of pocket.