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10 Tips for Getting the Biggest Tax Refund

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Invest in Tax Planning

Tax planning is one of the best ways to take advantage of all these deductions and get the maximum tax refund possible. Tax planning often starts at the very beginning of the year and takes into account how much money you'll earn and how different expenses (or extra income) affect the total tax amount that you'll owe. Planning also helps you evaluate different ways of using your money to buy needed, yet tax-deductible items or make other tax-reducing investments.

A tax-planning professional (or you, if you're your own best accountant) can play with the numbers in computer software to evaluate what changes you can make to lower the tax bill, therefore upping the refund.

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For more tax tips, check out the links below.

Last editorial update on Feb 28, 2020 04:26:41 pm.

A special thanks to Andy Lafond, CPA, accounting professor at La Salle University, who helped us update this article to reflect major changes to the tax code.

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Sources

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  • IRS. "Interest on Home Equity Loans Often Still Deductible Under New Law." Feb. 21, 2018 (Feb. 24, 2020) https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law
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  • IRS. "Publication 503 (2018), Child and Dependent Care Expenses" (Feb. 24, 2020) https://www.irs.gov/publications/p503
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  • Mercado, Darla. "Small-business owners look to grab this 20-percent tax break." CNBC. Feb. 4, 2019 (Feb. 24, 2020) https://www.cnbc.com/2019/02/04/got-a-small-business-see-if-you-can-grab-this-20-percent-tax-break.html
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  • TurboTax. "Energy Tax Credit: Which Home Improvements Qualify?" (Feb. 24, 2020) https://turbotax.intuit.com/tax-tips/home-ownership/energy-tax-credit-which-home-improvements-qualify/L5rZH56ex

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4 Year-End Money Tips to Lower Your Tax Bill in 2020

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Many Americans don't think about their tax bills until the new year. But there are things you need to do before Dec. 31 if you want to pay less later.


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