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, 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.
For more tax tips, check out the links below.
- Block, Sandra. "'Til taxes do you part: When married couples should file separately." USA Today. March 3, 2003. (Dec. 29, 2010) http://www.usatoday.com/money/perfi/columnist/block/2003-03-03-ym_x.htm
- Fuscaldo, Donna. "2 Work-From-Home Tax Deduction Options." House Logic. 2018. (Feb. 8, 2018) https://www.houselogic.com/finances-taxes/taxes/tax-deductions-when-you-work-home/
- Internal Revenue Service. "Refund Status." (Jan. 5, 2011) https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
- James. "Four Ways to Get a Bigger Tax Refund in 2009 and 2010." Fine-Tuned Finances. March 6, 2010. (Dec. 29, 2010) http://www.finetunedfinances.com/2009/03/four-ways-to-get-a-bigger-tax-refund-in-2009-and-2010/
The most sweeping tax overhaul in decades became law in December 2017. HowStuffWorks explains what taxpayers can do to benefit from the tax changes.