Five Tips to Get the Max From Your Tax Refund
Its that time of the year again — W-2’s, 1099’s, etc.
All those pesky but important tax documents should be out, and now everyone is thinking about how to get big bucks back from Uncle Sam.
Paying taxes can be a real pain in your wallet and spirit, but there is a way to soften the blow and avoid tax season blues.
Nellie Akalp of ‘Corp-net’ has made a business out be being money smart.
This Southern California entrepreneur says that, before you send your stuff to Uncle Sam, don’t forget these simple five filing fixes.
1. Take it to the pros.
“With all the tax refund software, taxpayers often are motivated to file their taxes on their own,” Akalp say.
“But sometimes a professional can claim expenses that a taxpayer often doesn’t realize, so they’re going to be able to get you the maximum refund on your return.”
2. Add up all of your expenses.
“Knowing and claiming the proper expenses can make a huge difference. Whether its work expenses, travel expenses, business expenses or medical,” Akalp says.
For example, did you know that if you are traveling for business, those annoying excess baggage fees can be claimed as a write off?
3. A giving spirit can bring more to your bottom line.
“If you donate to charity such as church, goodwill, or in my case, if you sponsor every one of your kids’ sporting events, you can claim those at the end of the year,” Akalp says.
4. Get savvy with your filing status.
Akalp says, “You definitely want to know your filing status. So whether you’re filing single, married filing separate or as head of household, it can greatly influence the amount your receive from your refund.”
5. A paper trail can pay off.
“You won’t get the best tax refund if you don’t keep accurate records and receipts. If you want to claim it or deduct it, you have to prove it.”
Now April 15th doesn’t have to be doomsday.
**A financial footnote: If you are unemployed and spent time and money looking for a job, IRS.gov has a checklist that could be helpful to your filing.