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To get the most money back on next year’s tax return make sure you take advantage of every tax break available to minimize tax liability.
While you’re preparing to file consider your filing status, single or married. This can have a huge impact on your tax refund amount. If you are married it makes sense to file jointly. Though if your partner has incurred medical costs in the last year, you should file single to get more money. If you file single, you might qualify for head of the household status if you have paid more than half of cost of maintaining a household and are a parent/guardian to a qualifying dependent.
Get more money back by claiming tax credits to reduce the amount you owe. Eligibility on claims tax credits depend on income, tax status and eligible dependents.
Consider deductions. Decide if you want a standard deduction or itemize. If you have many deductible expenses it is ideal to itemize. You can deduct business expenses, student loan and donations to charitable organization. Be aware you’ll need to present proof of these claims.
Put money into an IRA to save money for your future and get more money back in your tax return. Any contributions made in the previous year might be deductible and also be able to claim a tax credit.
Seems like you might qualify for deductions and tax credits. Now head to Body Building.com.
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