Secrets to the Tax Refund

Taxes are on everyone’s minds. With taxes at an all-time high, everyone is looking for a little bit more money that they can use for bills, paying off debt, savings, or even just a little spending cash. The tax refund can seem like an amazing blessing that can come when you least expect it. Below are some of the tips for getting the most out of your tax refund.

Charitable deductions

Monopoly board income tax

Of course, when you do service, it is out of the goodness of your heart, not for the tax break, but it definitely is an added bonus. Charitable donations can be anything from pizza and drinks that you bought for you kids fundraiser to driving the local scout troop or girl scouts around. The biggest thing you are going to want to make sure you do is document all of these things. Good documentation will help ensure that you get the deductions that you are hoping for.

Verify your filing status

Other deductionsThis may seem like a no-brainer, but making sure that you didn’t miss anything is always a great plan. Having a lower amount of withholding allowances on your W-4 will help you get the most out of your tax return.

There are many other things that are tax deductible that you most likely had forgotten about. Child care, alimony, and even many things concerning your family are tax deductible. Consult a tax accountant to help you know what is and what is not tax deductible. You might be surprised about what comes up.

The bottom line

There are many things you can do to help you get the most back from your taxes. The secret is to be proactive, and you will get the best tax refund that you can get.

photo credit: Images_of_Money via photopin cc

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