Page 36 - AreaNewsletters "May2023"

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for information about our
How To Lower Your Tax Bill
for 2023
May 9th event!
May 2023 • Castle Rock “AreaNewsletters” 36
by Janell D. Ball
Pro Accounting & Tax Services, LLC
Now that the rush to get your taxes done for 2022
is over and you either got a good refund or you are still reeling from the sting of having to pay, here are some tips on how to lower your TAX bill for 2023.
1. Lower your tax bill with deductions and credits Tax deductions, credits and exemptions can lower your tax liability and hopefully avoid that tax bill or get a bigger refund. Keeping detailed records for the rest of the year can help with not missing those saving deductions and credits.
This is especially important for self-employed taxpayers who write off business expenses. Some common expenses are small equipment, office supplies, tools, and a portion of their home office(ifyourofficeisinyourhome). Butjustdon’testimate your expenses, sometimes the actual expenses can be higher.
2. W-2 workers expenses
• Energyefficienthomeupgrades(energyefficientwindows
or solar panels to start)
• College expenses – tuition, books, and supplies
• Childcare expenses – nanny, babysitter or day care costs
• Charitabledonations–evenifyoucan’titemizeitmay
help with your state taxes
3. Takeintoconsiderationlifechangescomingintheyear • Retirement benefits
• Age of dependents – dependents turning 17 years
old in 2023 will not qualify for the child tax credit
4. Pay estimated taxes (if you need to)
The IRS recommends you make estimated tax payments if you are going to owe 1,000.00 or more in taxes. One way to get around this is having more withheld from your paycheck.
ConneCting Women in Business
Your local family-owned Computer Repair Store in downtown Castle Rock
Gary Faircloth, President/Owner 825 Wilcox St., Castle Rock 720-274-4711 gfaircloth@protechcr.com www.protechcr.com
• Computer & Phone repairs • Sells new and used PC
• Free computer recycling
• Boost cellular data plans
• Managed Servicesw/ ticket systems • No appointments needed
FREE Diagnostic with this ad!
Lisa Christianson Photography Castle Rock Headshots
High-End Headshots
Branding Business Portraits Corporate Sessions
located in the heart of downtown Castle Rock 350 Perry Street
719.351.7160 www.castlerockheadshots.com lisa@lisachristiansonphotography.com
B US I NE S S & F I NA NCE