Although income tax filing season is coming to a close, some pieces of advice can help you every time you file your taxes. Whether you have yet to take care of the income tax filing process this year or you have been done for weeks, here are a few simple ways to get a bigger refund:
- Rethink your filing status–Your filing status is one of the biggest things that can affect how much of a refund you receive when you take care of the income tax filing process. Although many people believe that if they’re married, filing jointly provides the most benefit, filing separately can garner a larger refund under the right circumstances.
- Maximize your IRA contributions–You can open up an IRA for the previous year until tax day comes around. Since contributions to an IRA can reduce your taxable income, adding to one of these accounts can be a highly beneficial way to boost your refund and plan for your future simultaneously.
- Get credit savvy–There are tons of tax credits available, but some are more well-known than others. Our team will do the research for you on which credits you qualify for, so you can rest easy knowing you are getting a maximum refund.
- Pay attention to timing–Paying attention to your calendar before tax season is a good way to ensure you get the biggest refund possible. For example, making your last mortgage payment before December 31st, scheduling health procedures before the end of the year, and paying property taxes by New Year’s Eve are all ways to enhance how much you get back.