Tax season is among us, and there is the subtle wave of panic settling in. We’re here to ease your fears, and give you the best tips to get a hefty tax return. Our tax return tips will guide you as you organize your information.
That way you can file will confidence. Keep reading to see our top five tax return tips to get you more spending money this year!
1. Credits for Solar Power and Hybrid Vehicles
Did you know that you can save the environment and save money! Talk about killing two birds with one stone [no pun intended]. Yep, you read that right, you can claim your hybrid for credit on your taxes.
Each vehicle adds up to a different amount, but the savings are generous. You might consider a hybrid as your next family vehicle.
2. Timing Your Payments
Perfect timing is vital for a big tax return. Paying ahead of time can do wonders, and also take off a lot of stress for planning for future payments. You might think of this now since we’re at the beginning of the year.
Start saving up a separate stash of cash. This’ll serve to pay off an extra month of mortgage to give you a head start for December’s payment. That way you can pay the following year [January’s] mortgage ahead.
3. Organize Tax Deductions
Figure out what you can and can’t claim on your tax deductions. Also, check out and make sure what you always file as a deduction is still on the list. As of 2018, these 9 items aren’t on the deductions list.
If you find that you don’t have many deductions, look at how many dependents you’re claiming. To get a bigger tax return, you might claim a new person you’re supporting. This could be your new child, or if a friend or family member is living under your roof and you’re paying for them.
4. Debts and Taxes
Maximize a tax return by analyzing your situation. Do you have a spouse? Are you filing together or separate?
These questions will make a difference. They can either increase or decrease your return, so spend time on accuracy.
5. Tax Return Tips Are Useless if You Don’t Know What You’re Doing
Getting tax help is a great way to start off your filing process. You can ask questions and also get the advice you need to make the best choices. Navigating your taxes isn’t always a cut and dry process.
Expert advice helps sift through complex tax policies and file the right information. This is key to saving you time down the line and boosting your tax return. Making mistakes in your initial paperwork is a good way to get run over with extra payments.
The best tax return tips are those that help you avoid mistakes and get you the advice you need!
In Need of Financial Help?
Did our list of tax return tips leave you wanting more? We’ve got plenty of information to help you this tax season. Don’t panic when the filing deadline rolls around.
Check out our financial guides to get you going on the right path. We want to help you get the best tax return you can get.