Hu Shares Tax Return Tips

CBSNews.com featured insight from Wenyao Hu, Ph.D., CFA, assistant professor of finance and accounting, in an article about ways to boost 2023 tax refunds. In addition to other points, including itemizing charitable contributions to increase deductions, Hu recommends that individuals contribute more to their retirement accounts before April 15 (Tax Day) and write those contributions off on their tax returns. While this approach will cost more upfront, the payoff is two-fold, Hu explains.

“These actions not only support your future financial security but also can significantly reduce your taxable income,” he says.