How to Boost the Size of Your Tax Refund

Would you like to increase the size of your income tax refund…or maybe just ensure that you get one in the first place? If so, you’ll be glad to know that there are several highly effective strategies that can help you to do just that!

Fewer Allowances = A Bigger Refund

If you’re looking to increase the size of your tax refund, then, when you fill out form W-4 for your employer, you will want to consider claiming fewer allowances. This is because, the more allowances you file, the less money you’ll see come income tax time.

Of course, allowances do mean you get a larger paycheck throughout the year, but if you’d rather get a nice lump sum come income tax time, declaring fewer allowances is the way to go.

Go for the Earned Income Tax Credit (EITC)

One of the very best options out there for decreasing how much you owe in taxes and thereby increasing the chances of getting a sizable refund is the earned income tax credit. This credit is available to moderate to low-income individuals who:

· -Have a social security number

· -Are a U.S. citizen, a resident alien for at least a year, or a non-resident alien who is married to an American citizen or resident alien

· -Are not a claimed dependent

· - Have some type of income

You can file for this credit when you file your yearly taxes, but if you need help or have questions about it, be sure to ask an accountant or financial adviser for more information.

Consider a Change in Filing Status

Sometimes, people can easily fit into more than one tax filing status. If that’s you, it is a smart idea to go over your possible options to determine which one is the best fit for you and which one is going to benefit you the most.

There is a good chance that, if you haven’t chosen the right one, you may be getting less of a tax refund than you possibly could. To learn more about the different filing status options and to ensure you choose the very best one for you, speak with a financial professional.

As you can see, there are a great many things that you can do to increase your chances of getting a nice-size refund come tax time. Follow these tips and get professional tax assistance where needed, and you’re likely to enjoy a big, fat check this year!

Friday, February 10, 2017