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Accounting Tax

Simple Ways to Increase Your Tax Refund

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. Take a look at casinos ohne bonus. 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!

 

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Accounting Business Income Tax Preparation Tax

Tax Changes You Must Know for 2016 in Longmont, Colorado

Planning on filing your taxes this year the same way as you did in 2015? Not so fast. If you’re busy preparing your tax return for 2016 and planning on replicating or echoing last year’s tax return exactly, you’ll find a few problems with this strategy.

Congress has made a few changes and those could affect your taxes this year.

One major tax change this year? In 2016, tax payers will have an additional 3 days to file their taxes as April 15th falls on Emancipation Day. Taxpayers can breathe a sigh of relief as they have an extra three days to file. The new deadline? April 18th.

Other changes that might impact your taxes in 2016?
*The Penalty for Not Having Health Insurance Has Gone Up
*Personal Exemptions Have Risen
*A Few Temporary Tax Breaks Have Become Permanent
*The Tax Benefit for Cancellation of Debt on a Primary Residence Has Been Extended

In addition, any personal changes such as marriage, divorce, buying a new home, having a child or a death can ultimately change your taxes. Any lifestyle change can affect your tax situation. We’re here to help you with your unique tax challenges.

The best bet when it comes to managing your taxes? Hiring a professional! Our CPA team in Longmont, Colorado realizes your time is valuable and so is your money. Why make yourself vulnerable to an IRS audit? We can ensure that your taxes are filed properly and timely. By hiring a professional, you’ll know if your eligible for deductions or credits. Tax guidance can make all the difference.

Our accounting team in Longmont is here to guide you! Contact us ASAP!