Discovering what your refund is going to look like… is like opening a present. Except there is a lot more anxiety and paperwork. The one good thing about tax time (we hope) is getting that fat refund. You know… money back into your account. So how can I maximize my tax refund? At the very least, we want to make sure we don’t end up owing any money. Let’s start with the obvious–the number of exemptions you claim will matter. Following your financial adviser or CPA’s advice, if you have one, is always best. So is simply following the instructions. Fine print can go a long way in explaining how many exemptions you should actually claim.
Deductions, deductions deductions! There are more available than you might expect (though there will always be a hard limit on how much you can deduct–even if more could quality). Claiming deductions comes down to asking yourself questions. Do I own a home? Do I have children? (you should know this), Have I paid interest on student loans? Did you move recently to take a new job? Basically, claim all deductions. How do you know you’ve done it right? Rely on the careful analysis of a professional.
In 2013, the average refund was about $2,600. Now, do you think you can beat that? For many of us, even half of this amount would be desirable. When discussing the issue with a professional, it’s important to note that refunds can be used by the IRS to pay against overdue back taxes. If you own or are a small business, it is particularly useful to consult with an accountant who is experienced and skilled. Small businesses account for a very large proportion of taxes owed to the government
Getting the largest refund possible also means making sure you’re not paying any penalties you shouldn’t have to. In order to get the best refund possible and take complete control of your tax situation call a specialized accounting firm like Business and Financial Solutions. We’re structured to keep overhead low so you can get higher quality tax consultation for less.