TurboTax Tax Refund Tips
2023 - 2024
Tax tip that can help you increase the amount of your tax refund, by helping you lower your overall taxable income.
The Internal Revenue Service loves to take our tax dollars, and our dysfunctional politicians love to waste it for us.
Therefore, it's up to each of us to put the effort in that is needed to insure we are not paying more taxes than we are legally required to pay based on our tax laws. Fortunately TurboTax can help!
TurboTax Offers Top Tax Refund Tips To Help Taxpayers Keep More Of Their Hard Earned Dollars.
If your employed, the business you work for withholds a big chunk of every paycheck for federal and state income taxes. When you prepare and file your tax return, your calculations determine how much of that paycheck withholding you may be getting back.
Now is a good time to see if you can manipulate a few things to get a bigger lump sum of that cash back, and TurboTax Online is a top resource.
There is something deeply satisfying to many taxpayers when they receive a big, fat tax refund from the IRS. But beware, you don't want to give Uncle Same a interest free loan either.
TurboTax Tax Tips For Bigger Tax Refunds
Increase W-4 Paycheck Employee Withholding:
Your tax refund will grow when you withhold more taxes from your paychecks. However, this no doubt allows Uncle Sam to keep that money without paying you interest until he has to pay you back when your tax refund is due.
Determine What Tax Filing Status Benefits You Most:
The standard deduction amount fluctuates for different income tax filing status choices. For example, married couples who file jointly can claim twice the standard deduction of single tax filing, and the married filing separate filing statuses.
Itemized Deductions Help Lower Taxable Income:
Any tax deductions that are allowed will lower the overall income amount that is taxable. Several areas to consider are:
- Deductable IRA Contributions
- Charitable Donations and Contributions to tax-exempt organizations including, religious organizations, colleges, nonprofit hospitals and more.
- Child and Dependant Tax Deductions
- Job related Expenses
Home Mortgage Interest Tax Deduction:
The IRS allows you to deduct all the interest that you pay during the year on your home mortgage. Additional deductible home expenses include:
- Mortgage Points and Closing Fees
- Home energy-efficient upgrades to your home
- Home office tax deduction
- Buying a hybrid vehicle
While some of these deductions may change from year to year, for the most part there are
many home related expenses that could qualify for a tax deduction.
TurboTax Software can help you find them.
Keeping up to date on the latest tax laws can be a rather big burden. Fortunately, today's top tax software programs are programmed to guide you to these tax deductions and guarantee you the biggest tax refund possible.
