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Tips for Getting the Best Tax Refund: 4 Easy Things You Can Do to Increase Your Refund

Some of us prepare all year and others strive to have everything organized before the deadline. No matter how you prepare for tax time, you need to be armed with tips to get the best tax refund. Here are four easy things you can do to increase your tax refund.

4 tips to get the best tax refund

1. Business/Labor Expense Claim: This is a complicated area, so always seek the advice of a tax professional. However, there are a number of work-related expenses that you can deduct. These include union dues, trade or professional association dues, work supplies not provided by your employer, tools and equipment needed but not provided by your employer, and any expenses incurred for travel if that travel was work-related. You may also claim the cost of your uniform as long as the uniform is required and identifies you as an employee of the organization.

2. Claim for Medical Expenses: You may be able to deduct the medical and dental premiums you pay if your total medical expenses exceed a certain percentage of your income. Y if you pay these premiums after your income has been taxed. Always save your statements for any amounts you pay out of pocket above and beyond your health premiums, as these expenses are deductible for you and your family.

3. Claim charitable contributions: Another tip for getting the best tax refund is to keep track of the contributions you make to charities or fundraisers where you don’t get anything for your money (except the great feeling you get from helping someone! who needs it!). When you make a donation, always ask for a receipt; any reputable charity will provide one. If you’re donating to a church or fundraiser and can’t get a receipt, keep a copy of your check for your own documentation.

4. Hire a tax professional: This is so easy to do. Tax professionals are up to date with the tax laws and will know exactly what you can and cannot claim. They can also find areas where you can make a claim or where you may have credit that would otherwise have been lost. As professionals in this area, they will no doubt have many more tips for getting the best tax refund for you. And the cost to you is pretty minimal considering the higher tax refund you can get by using their services.

While there are many other ways to increase your tax refund, I’ve listed the easiest ones here. To get all the important tips for getting the best tax refund, you should seek professional advice.

Additional Tax Tip

Who will get the biggest tax refunds? People with home-based businesses. That’s because when you run a business from home, you can deduct a portion of your mortgage, property taxes, insurance, and utilities. You can also deduct home office furniture, home office supplies, and any costs associated with maintaining your business or office. And you can claim these deductions no matter how hard you work on your business from home. Even if it’s something you only work an hour or two a day on top of your day job, it’s still deductible.

The best home based business to have is an online one. You won’t need a huge office space, you won’t need to have people in your house and you can work whenever you want. A successful online business will offer you plenty of training, support, and eventually allow you to quit your day job. And you will be one of the lucky ones at tax time.

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