Will you vote for tax savings? Tax return elections that can save you money

Description

Abstract: Individuals and small business owners need to make several important “elections” on their 2023 tax returns. This article looks at some potentially beneficial tax decisions, including whether to itemize and whether to deduct investment interest income. It suggests that many of these moves may lead to tax savings if found to be applicable to a taxpayer’s specific circumstances. A sidebar discusses the ins and outs of using SALT deductions.