Filing taxes can be overwhelming as it involves gathering the necessary receipts, income statements, and expense sheets and working for hours on end. It is also an important task, as filing improperly can land one in trouble with the IRS. Also, most individuals commonly miss out on taking advantage of the possible tax deductions available to them. As a result, they end up paying high taxes. Here are 7 tax deductions that are commonly overlooked: Charitable contributions Many taxpayers make charitable contributions during an annual year. Most of the time, these contributions are made via cheques or online transfers. Some might even be donating appreciated securities. That said, there are other expenses one might be making out-of-pocket. These can be traveling expenses for one of their volunteering trips or cooking for a soup kitchen. Essentially, any charitable contributions made to help charities can be highly overlooked when filing taxes. To file these expenses as tax deductibles, individuals must keep these receipts handy. They need to itemize and categorize these expenses properly to make the most of this opportunity and ensure they are not denied refunds due to limitations and restrictions. Child tax credit For 2023, the child tax credit was estimated at up to $2000.

People planning for their post-retirement years often look towards various investment avenues to save money for a stable and comfortable life later. How well or poorly one manages their money during their working days decides the level of comfort they will have once they have retired. Among the many great investment avenues for the long term, annuities are a solid option. To get the best out of them , one must avoid these six common mistakes . Investing too much money in annuity Despite how great they are in accumulating money for future use, annuities have a reputation for being somewhat inflexible. Immediate annuities help return more ROIs than interest on CDs and similar fixed investments. The only catch is that investors have to give up control over their money to get the extra income. This is ensured when the investor gives their insurer a lump sum amount for an immediate annuity and the former cannot take it out at any point. In the case of deferred annuities, while people can withdraw cash as per their wants after they invest in them, the income guarantees are reduced once the withdrawals exceed a certain limit. For this reason, putting too much money into an annuity plan can result in a serious cash crunch/loss of liquidity for investors.

Tips for Preventing Age-Related Macular Degeneration AMD is a degenerative condition that primarily affects people over the age of 50. It frequently results in vision loss in older people. This disorder thins and deteriorates the macula, the area of the eye that produces the clearest, most detailed vision. Early detection and treatment can lower the chances of permanent vision loss. Simple lifestyle changes, such as eating healthier and exercising regularly, can significantly reduce the risk of AMD. Here are a few simple lifestyle modifications that can help prevent AMD. Lifestyle modification to prevent AMD Maintain a normal blood pressure level Hypertension promotes AMD by decreasing blood flow to the vascular layer of the eye, known as the choroid. The lack of oxygen in the eye accelerates the deterioration and increases the risk of wet AMD and central vision loss. It is preferable to keep blood pressure under control to avoid this situation. Maintaining a healthy lifestyle, avoiding fried foods, eating well, and exercising regularly can all help keep blood pressure under control. Although this condition has nothing to do with weight, a body mass index of 30 can make it worse, so it is preferable to keep a low BMI.