HOW TO TRIM YOUR TAX BILL

Life milestones, such as getting married, having kids and retiring, are usually taxable events. See how to minimize any tax bite-and maximize your refund.

- SANDRA BLOCK

As you prepare to file your 2022 tax return, take inventory of how your life changed last year. If you experienced a major turning point, there's a good chance it was a taxable event. In 2022, the average federal tax refund totaled $3,039, a 7.5% increase from $2,827 the year before. But the IRS recently warned taxpayers that their refunds could be smaller in 2023. After sending out billions of dollars in stimulus checks during the pandemic, the federal government turned off the tap last year. That means you'll no longer have an opportunity to file for unclaimed stimulus checks when you file your 2022 tax return.

In addition, Congress didn't extend a pandemic related provision that allowed taxpayers to claim an above-the-line deduction for up to $600 in charitable contributions. Unless you itemize your deductions, you won't get a tax break for your philanthropic largesse in 2022.

That means it's more important than ever to take advantage of all of the tax credits and deductions available to you, even if you don't itemize. And as has been the case in the past, there are new wrinkles in the tax code that could increase your refund or lower your tax bill.

FAMILY

You got married. Following a pandemic pause, more than 2 million couples got married in 2022. If you're among the newly hitched, filing your first tax return as a married couple is a cold reminder that the honeymoon is over.