7 Tips to Maximize Your Tax Return
Let’s be honest, we’re all looking for ways we can reduce what we owe. But, minimizing what you owe and maximizing on your tax return isn’t just about finding credits or reducing your income. In fact, there are several ways that you can maximize your tax return without investing extra time, energy, or money. Let’s see how! ONE
Confirm Your Filing Status
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There are five primary filing statuses, and they’re all pretty self-explanatory: single, head of household, married filing jointly, married filing separately, and a qualifying widower. However, since a few of them could apply to your situation, you’ll want to choose the one that benefits you the most. TWO
Itemize your Return
2
One of the most notable differences in the 2018
tax laws was that the standard deduction almost doubled, replacing a number of other deductions that once existed. Today, the standard deduction
for single filers is $12,200. Married filing jointly is $24,400, and according to the IRS, is the way that about 90 percent of the populace will file. THREE
Find Deductions and Credits
3
The opportunities for tax deductions and tax
credits are plentiful and often based on something
you’re already doing. The key is to make sure you’re capitalizing on those actions. Deductions and Credits may include, but are not limited to: mortgage interest; medical expenses; home office or office supplies; state income taxes paid; student loan interest; state sales tax paid; and charitable gifts and donations.
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This information is for educational purposes only. Please consult a tax advisor for professional advice.
