If you’re like me, you’re constantly trying to find where to cut costs, what to penny pinch, and how to get every little bit out of everything that you do in life. Taxes is one of those things that will never go away, so why not try to apply this principle to that as well? We’re talking about exemptions, deductions, and smart claiming here people. Everyone’s trying to win, right?
For those of you looking to get the most out of your tax return next year, here are a few helpful hints and suggestions to do just that:
Consider the Married, Filing Separately Status
It may not go over with your significant other, but there is a lot to say about the Married, Filing Separately status. In just the right circumstances, it could actually yield you and your spouse a boosted return. I know the time it takes to file this way is a bit of a hassle, but the time is handsomely rewarded if you get more than filing jointly (By the by, One Stop Tax locations will calculate both statuses for you to see where you get the most bang for your buck. Find a location near you).
This is one of those things you do when you get a new job and just don’t think about afterwards, The more people you have in your household, the more exemptions you can claim. While most people go ahead and fill this out without thinking, you may want to take a second to reevaluate this section. If you want to make sure (or at least make it more likely) that you receive a refund, let your HR rep to drop an exemption. That way, your employer will withhold more money each month, and you are more likely to see a fatter check come spring.
Stay Up to Date With Tax Law
Uncle Sam is always changing around tax laws in order to create positives for both you and the economy. Did you know you can get a credit for having an electric car? How about for college tuition and books? Make sure to stay up to date with tax laws to get the absolute highest amount back every year.
Deduct Any Work Expenses
Many people don’t know that you can actually deduct anything that you purchase that is related to your profession. For example, many construction workers buy their own tools and are able to deduct those purchases come tax time. If you use your personal phone for work related calls or conferences, then you can deduct that portion used for work. Make sure to consult a tax professional at One Stop Tax to make sure you’re on the up and up on any work expenses you might be able to claim!
Refinancing your Home
Take advantage of lower interest rates when applicable to refinance your home! This is a big one people don’t often use. When you have a fixed loan, most of the money in the initial years of said loan goes toward paying off interest. The further you go over the years, however, the more you start to pay into the principal of your home. If you refinance your home, you essentially begin again, and start paying more interest over principal. Interest is deductible. See where we’re going with this? Make sure you understand everything about your loan, including how much is left on it, the home’s actual worth, and if you are willing to reset to paying more interest to see if this is the best course of action for you.
Make sure to head to your local ONE STOP TAX and visit our professionals to make sure you’re getting the most out of your returns. Can’t find a location near you? CREATE ONE! Franchising opportunities are now available, take your first steps TODAY!
Tags: 2017 taxes, helpful tips, interesting facts, tax prep Posted by