How to get a bigger tax refund
If you want a bigger tax refund you should first verify your tax withholding with your employer. You must ensure that the proper tax is being withheld so that you are not liable to pay any penalties for underpayment. A Qualified tax professional can advise you on how much should be withheld throughout the year given your individual tax situation.
Working with a professional to complete your tax returns can have many benefits. Not only will delegating your tax return save you time but it will provide you with peace of mind knowing an expert is on the case. Tax laws are highly complex and constantly changing. Qualified professionals are required to stay informed with the laws, making tax preparation an easy and efficient process to maximize your refund and minimize liabilities. You can maximize your refund is by taking advantage of some tax saving tips.
If you can itemize, you can get a bigger refund. Keep all receipts for medical bills, charitable donations, unreimbursed business expenses, and mortgage interest. You must provide documentation if you are not taking the standard deduction.
SAVE FOR RETIREMENT
Know the contribution limits and use them. Qualified retirement plans offer pretax savings and can qualify for special credits. Some employer-sponsored plans even offer company matches on contribution which puts even more money in your pocket.
EXPAND YOUR FAMILY
Not only does having a child give you a tax credit but you are able to deduct qualified child care expenses. Another thing to considered is a Flex Spending Account (FSA) which allows you to save pre-tax money for those expenses. Check if you employer offers an FSA but remember you must use FSA funds during the calendar year, or you will lose the cash.
REVIEW MEDICAL AND INSURANCE EXPENSES
Substantial medical expenses may also be deductible. This is a good time to review your insurance to see if you can save money on your expenses. Depending on your tax situation, health insurance premiums may be deductible. Review your options with the insurance professionals at Nexus Insurance Group. Nexusinsurancegroup.com
Tax professionals at Nexus United Inc and Tax USA Now are committed to their clients and work within a large network of tax professionals ensuring a complete and accurate tax return. Acting as more of a tax advisor they work with clients to create a plan to meet their tax obligations each year. By providing education, clients will gain the confidence they need to continue to grow financially without encountering unnecessary tax burdens.
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