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Video: Tax Trends and Tips

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2023 • August 27, 2024 11:57 AM

OVERVIEW

A few interesting trends emerged in last year’s tax returns that give insight into what the future may hold. Lisa Greene-Lewis, CPA and TurboTax expert, explains.

TABLE OF CONTENTS

Video transcript:

Video transcript:

Tracy Byrnes: So believe it or not, there's some serious trends going on in the tax world these days. And TurboTax has been keeping track. Lisa Greene-Lewis CPA and TurboTax expert, is here with us right now. All right. So Lisa, before we dive into this data — because it's really interesting — how did you gather it?

Lisa Greene-Lewis: Yes. So we issued a tax return report the end of last year looking at tax year 2022 tax returns to give us insight to what happened in 2022 and what's to come. And we use aggregated and anonymized data to represent the full US population.

Tracy Byrnes: That's amazing. OK, so clearly there's some trends coming out in the employment world. What are you seeing?

Lisa Greene-Lewis: Yes. So we saw an indication of an increase in self-employment and side gigs, which we continue to see that. And in our data, we saw 8.1% of tax filers included a Form 1099-NEC or a 1099-K in their tax return. So that is indication of they have self-employed work.

Tracy Byrnes: It's interesting, Lisa, that so many people are becoming self-employed. But there's so much that comes with it. How do they keep track of everything?

Lisa Greene-Lewis: Yes. One thing I would recommend, keep track of all your business expenses that are directly related to your business. So you can save on your taxes. So things like computer equipment, if you drove your car for your business, and mileage, that's a big one, or your home office, you want to keep track of those expenses so you can save on your overall taxes, as well as your self-employed taxes.

Tracy Byrnes: And now income, you're saying there's some serious trends in income as well.

Lisa Greene-Lewis: Yes. We saw some interesting data in that as well. So we saw that Single filers with a dependent so that were claiming Head of Household, they saw an increase in their income of 8.6%. And in that, I just want to remind people if they did see those increases, there are ways to save on their taxes. So if you're filing Head of Household, you can get a bump in your Standard Deduction. So this year for the tax filing season, the Standard Deduction if you're Single is $13,850. But if you file as Head of Household, you don't want to forget that because it's $20,800. So that's one thing I just want to remind people of.

Tracy Byrnes: Yeah, super important. All right. In the investing world, you've seen some trends as well. What are they?

Lisa Greene-Lewis: So in the investing world, what we saw is 2.34% of tax filers reported crypto transactions. And that was a little bit lower than the previous year. The previous year was about 3%, which does kind of make sense with the previous year we saw a lot of people making a lot of money in crypto sales. So people may not have sold as much. One thing I do want to remind filers, of which I know you touched on in another segment, if you did experience crypto losses, you can offset those crypto losses against your gains. And then you can offset up to $3,000 of those losses against ordinary income like wages.

Tracy Byrnes: Right. Super important but even more important that you report these trades. Crypto trades are not for free. And finally, speaking of free, people are getting refunds back, aren't they? What's the trend there?

Lisa Greene-Lewis: Yes. So in tax year 2022, we did see lower refunds. And we heard reports of this in 2022 because of a lot of the Covid relief went away. So that's one reason people were seeing those differences. And I do want to point that out. Coming into tax year 2023, we may see better outcomes because, like we talked about in another segment, the inflation adjustments were increased the most we've seen in decades. So that can help people's tax outcome.

Tracy Byrnes:: So, Lisa, if I fall into some of this trend data, what can I do to help myself during tax time?

Lisa Greene-Lewis: Yes. If you have any of these life moves or life events, you can come to TurboTax. And you can either choose to do your taxes yourself. Or you can get help along the way and have your return reviewed by a TurboTax Live expert before you file. Or you can fully hand your taxes off to them. And they can do your taxes from start to finish. And then new this year, you can meet with a local tax pro in your area in person and have them do your taxes.

Tracy Byrnes: A lot of options, a lot of trends. Lisa Greene-Lewis, TurboTax expert and CPA. Thank you for sharing.

Lisa Greene-Lewis: Thank you for having me.

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Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.
Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement for details.
Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement for details.
Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.
TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.
Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.
Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.
TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.
Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.
Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.
Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.
Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

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