5 Sure-Fire Ways to Increase Your Tax Refund!

Small Biz Talk Talk Ep. 9 | 5 Sure-Fire Ways to Increase Your Tax Refund!
Tax time is all about refunds for many people, and everyone wants to maximize their tax refund. "Taxes" are always in season, thus tax planning is a year-long event.

Make sure you are ready for tax season next year. Avoid a tax time surprise.

There are still seven tax brackets and will be until 2026. The lowest is 10% and the highest is 37%. There is also an increase in the standard deduction.

You will not be penalized tax wise for not having health coverage.

Educational benefits: 529s can be used to pay for private school tuition. They are a great way to be able to save for your children to go to college and now they can pay for private school tuition. Also, with 529s plans, assets can be transferred to able accounts for family members. Able accounts are not included in income calculations for the disabled.

Refunds. Tax time is all about the refund and everyone wants to maximize their refunds. Everyone's financial situation is unique. What makes a big refund for one person may not work out for another.

1. Consider your filing status options. For married people there are more options. Calculate both options and choose the best one for you. Especially if you have student loan repayment plans. For individuals with dependents, you can file head of household. If you have your parents or other family members, you might want to file head of household.

2. Maximize your IRA contributions. This lowers your taxable liability. This is an adjustment to your income. Do your best to contribute the maximum amount.

3. Make the most of small business tax perks. If you receive a 1099, the government considers you to be a small business. You can deduct expenses associated with that business. Like miles. Make sure you take advantage of these deductions. Keep track of your business expenses.

4. Consider changing your W-4. If you don't withhold enough, you will get a tax time surprise. You can use the tax estimator in irs.gov to help. If you are a married double income household, you may want your W-4 status to be single or head of household.

5. Credits are better than deductions! Credits reduce your tax liability dollar for dollar.

Seek professional help. If you already have a tax professional, make sure you are meeting with them to tax plan for the upcoming year.

Schedule a $97 business consultation at bsullc.as.me/whytax to discuss your tax savings.
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