Tax season is rarely an eagerly anticipated time of year, but the hope of a significant tax return helps sweeten the otherwise-tedious task of filing taxes. Maximizing your tax return isn’t about gaming the system – it’s about doing your due diligence to ensure you receive what is rightfully yours.
Here are four ways to make sure you maximize your tax return:
- Stay organized – Organization is key when it comes to your taxes. Keeping detailed and orderly records of your finances will prevent you from missing an opportunity for tax savings.
- Read up on recent tax laws – Tax laws can change from year to year, so it’s always worth doing a little research ahead of filing your taxes to see if there are any new opportunities to increase your tax return.
- Make the most of contributions and credits – There are many opportunities to increase your tax return through maximizing your contributions and credits. Double-check your retirement contributions, health savings account contributions (HSA), and any credits you may qualify for, like the child and dependent care credit, energy-efficiency home credits, and earned income credit.
- Speak with a professional – Tax laws are complicated, and having a professional tax advisor review your taxes before you file is a great way to make sure there are no stones left unturned.
Taxes are as unique as the people who file them, so maximizing your tax return will depend on your financial situation and life circumstances. As cumbersome as tax season can be, it’s rewarding to know you’ve done your due diligence to maximize your tax return.