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Four Tips to Increase Your Tax Refund
The April 15 filing deadline is rapidly approaching, and if you haven’t yet filed, our tax advisers have compiled a list of helpful tips that will help you get the biggest refund possible.
Maximize Your IRA Contribution
If you don’t have an IRA already, you have until the filing deadline of April 15 to open a traditional IRA for the previous tax year. By doing so, you can claim the credit of your contribution on this year’s tax returns, which will reduce your taxable income. Lower taxable income means lower liability, and a bigger refund. If you’re over 50, you can use the “catch-up” provision to contribute even more to your IRA.
Carefully Consider Your Filing Status
Deciding how to file your taxes is a decision often taken for granted. If you’re married, the overwhelming odds are that you filed jointly with your spouse, but filing jointly is not necessarily the most advantageous way to maximize your refund. Married-filing-separately may involve more work, but can boost your refund depending on you and your spouse’s circumstances.
Add Up Those Deductions
There are quite a few deductions available that may affect you during a taxable year that you may not have considered. If you travel for work, make charitable donations, if you had to spend time job hunting or even trips to the doctor can add up and represent deductions for you. Always keep a detailed log and receipts for all of your transactions, and your Miami accounting firm of Verdeja, De Armas & Trujillo, LLC can help you sort through all of your available deductions to help maximize your return.
Understand Tax Credits
Credits can work better than deductions when it comes to boosting your refund. You may be eligible for sizable credits such as the Earned Income Tax Credit or the American Opportunity Tax Credit, if you have a child in college. Credits also serve to lower your taxable income, which could increase the size of your refund.
Tax laws change, and credits and deductions can and do vary on an annual basis. At Verdeja, De Armas & Trujillo, LLC, our team of dedicated professionals in our tax department constantly remains abreast of the changing tax landscape, and we provide tax consulting and compliance services to individuals, corporations, S corporations, partnerships, limited liability companies, trusts and estates and non-profit entities. Contact us today for a consultation.