HOW TO GET THE BIGGEST TAX REFUND
How to get the biggest tax refund. This is the time of the year many taxpayers are thinking about filing their taxes to get their tax refunds. Nearly 72 percent of taxpayers received a tax refund last year, and the average direct deposit tax refund was close to $3,000 last tax season. According to the IRS. However, some filers may feel like their refund was a little low. Whether you received the tax refund you deserved or think you could have gotten back more last year, here are five tips to help you maximize your tax refund this year. Just to add one additional tip, get a good tax preparer if you don’t know how to do the tax return yourself. We have so many clients who get into tax trouble because they try to do a tax return without any tax knowledge, and later admit to us, “I didn’t really know what I was doing.” How to get the biggest tax refund.
Don’t take the standard deduction if you can itemize. Under the new tax law, known as the Tax Cuts and Jobs Act, more people may take the standard deduction instead of itemizing because the standard deduction nearly doubled to $12,200 for single filers and $24,400 for married taxpayers filing jointly and some tax deductions were either eliminated or reduced. In fact, Turbo Tax estimated and the IRS confirmed that about 70 percent before the new tax law. Although more tax payers will claim the standard deduction as a result of the changes, and the standard deduction will help lower your taxes, you may find you can still itemize your deductions to get a bigger tax refund if you take time to gather up some of your receipts. If you are close to the standard deduction thresholds, don’t forget about some additional expenses that may push you over the standard deduction. These expenses, including qualified charitable deductions, casualty and theft losses if they are the result of a federally declared disaster area, gambling losses up to gambling winnings and points paid on a mortgage or refinanced home loan.