During tax season, everyone is interested in having the biggest tax return possible. You spent all year putting part of your income into the government and no one wants to find out at the end of the year that they need to pay even more into the government. One of the best things that you can do in order to limit your tax bill and to get more money back this tax season is to find all the tax deductions and credits that you qualify for. The professionals at Donna J. Jackson and Associates can help you to find all the money that belongs to you so you can have a great tax refund this year.
Review the Filing Status
Determining the right filing status for your tax return can make a big difference in how much you are able to claim during the tax season. Usually as a single filer, you are not going to get many choices, but when you are married, you can choose from filing separately or jointly. The one you choose will determine how much money you are able to get back during tax season. While many married couples choose to file jointly, this is not the best option for everyone. Let the professionals at Donna J. Jackson work with you to determine which tax filing status is the best for your situation so you get the most money back this tax season.
Remember the Family
There are many deductions that you can claim on your taxes based on your family. First, you will be able to claim your children for a tax deduction. The more children you have, the larger the deduction. While children are expensive, it is a nice thought that you may be able to get some of this money back when it is tax season.
In addition, if you send your children to daycare or to another form of child care while you are working or searching for work, you may be able to deduct some of these costs on your tax return. Make sure to talk to our professionals at Donna J. Jackson and Associates to find out how much you are able to deduct for these expenses and if you and your children qualify for this tax deduction.
If you are in charge of taking care of an elderly relative, pay for some out of pocket medical expenses (outside of your health insurance premiums), or pay alimony to your ex-spouse, you can deduct these familial expenses as well.
Consider Refinancing Your Home
Refinancing could help you in a number of ways. First, if you bought your home on a higher interest rate, refinancing can allow you to get a lower interest rate and lower payments each month. Plus the points that you purchase when you close on the home are allowed for deductions with the IRS. While you should be careful about refinancing your home and only do it if you really find it is the best financial decision, if you do go through with this process, it can save you a ton of money.
Even if you don’t go through the refinancing process with your home the IRS will allow you to deduct any and all interest that you pay on your mortgage. This is a nice reward for making your mortgage payments on your home and can make life easier for everyone. Your mortgage provider will send you all the paperwork that you need to fill in information on how much interest you paid so you won’t have to figure this out on your own.
Increase Contributions to IRA
The IRS wants to reward you for saving for retirement. This is a smart financial plan that helps you to have a comfortable life when you decide to stop working and want to just enjoy the things around you. Many people don’t put money into the IRA because they are worried that they won’t have enough. But many times, you can deduct the money that you contribute to your IRA on your tax return. Not only are you putting money away for a comfortable life, but you are also saving money during the tax season.
Consider a Home Office
If you run a small business, you may want to consider starting an office in your home. Having a home business allows you to deduct some parts of your home and the expenses you incur there on your taxes. You can deduct things like some of your mortgage, your telephone services, and the cost of internet. Often you will have to determine the percentage of time that you use the home of business, how much space, and how much of utilities is devoted to your home and how much to the business. If you have a home business, make sure to bring along some of the expenses from your home and the professionals at Donna J. Jackson and Associates can help you determine if you are able to deduct these on your tax return.
Finding your biggest refund possible is a great way to help put a little extra money in your pocket this tax season. If you are interested in getting the most out of this tax season, make sure to contact Donna Jackson at Donna J. Jackson and Associates, PLLC. in Oklahoma City, OK. We have the professionals that you need to ensure your tax return is done properly and you get your best refund possible.
