Tips To Get A Bigger Refund Check From The IRS
With some simple tax return tips, you gain the potential to get back a much bigger tax return. Most people don’t enjoy paying taxes. In fact, a large percentage of Americans don’t feel like the government deserves the money.
When you consider how many Americans dislike the way the government spends tax money, it’s easy to see why everyone wants to get back as much money from the IRS as possible.
There is a strong sense of satisfaction that comes from getting a massive refund check from the IRS. Fortunately, it’s a lot easier than you might think to get back a bigger refund.
Simple Tips for a Bigger Refund
For starters, it’s important to deduct all donations. Itemized deductions can significantly lower taxable income. The IRS lets Americans deduct as much as 50 percent of their taxable income through charitable donations.
Nonprofit hospitals, colleges, charitable organizations, community groups and religious organizations are some common tax-exempt organizations that you can donate to.
A few of the most common deductible contributions are securities, stocks, personal property and money. It’s best to track deductions throughout the year.
Deduct Professional Expenses
A lot of people don’t think about deducting expenses that are job related. If you’re regularly paying for job related expenses out of your own money, you can deduct these expenses.
Some common examples of job related expenses are laptops, cellphones and uniforms. You should even be able to deduct the cost of mileage when traveling to meet clients.
Check Your Filing Status
Depending on your current filing status, the standard IRS deduction amounts can be different. For example, married couples can file jointly and claim almost double the deduction amount that single individuals are eligible for. Single individuals can change their filing status to head of household, which can provide a larger deduction.
Start a Home Business
While this won’t work for everyone, it’s especially useful for self-employed individuals. When you start a home business, you can deduct many of the expenses that you must pay.
These are expenses that are used primarily for the business, which could include Internet service and phone service. You might even be eligible to deduct a portion of your mortgage.
Another tip to get the biggest tax refund possible is to hire a professional. He or she can handle the tax information and forms. When looking for a professional, check credentials to avoid scams. If you do your own taxes, the cost is free.