- Posted by Amy Spagnola
- On February 28, 2018
- 0 Comments
Everybody looks forward to a little change back from Uncle Sam each year. In fact, it can be a real boon to your bottom line to receive a tax refund. Are there ways to help increase that nifty chunk of change?
Here are ways to Boost Your Tax Refund:
1. Claim Less
The form you fill out when starting a job is a W-4 and helps your employer track how much federal income to withhold on your paycheck. When you claim allowances (head of household, spouse, dependents) it reduces the amount of income tax that is held back. Claiming fewer allowances on your W-4 will ensure a heftier refund as the government gets to keep and use your extra dollars and cents throughout the year.
2. Claim More
The self-employed, working families and those with moderate to low income may be able to claim the earned income tax credit. In order to qualify you must meet certain conditions like being a U.S. citizen, having a valid social security number, having self-employment income or have a qualifying child between a certain age. Contact us to see if you’re eligible for the Tax Income Credit.
3. Credit for Care
In certain circumstances, expenses paid for a dependent or child may entitle you to earn the dependent care credit. Stipulations include a child under the age of 13, a dependent with physical or mental limitations preventing self-care as well as well as a spouse who cannot adequately care for themselves. Certain criteria must be met–like if married, a joint return must be filed.
4. Filing Status Check
Taking a look at your filing status can play a role in determining if you’re eligible for a refund. The statuses include: a joint marriage filing, separate marriage filing, single and head of household. Filing status determines eligible credits, the amount of tax owed and standard deductions.
Tax reform has changed some of the 2017 tax refund policies and we’re here to help guide you.
Please Contact Us Today!