As the year begins anew, most taxpayers are thinking about filing their taxes to receive their tax refund. Whether you received the tax return you deserved or think you should have gotten back a larger amount the previous year, here are tips for maximizing your tax refund:
- Reevaluate your filing status
When processing your tax return with the assistance of a tax preparation service, consider choosing a different filing status. For instance, married couples that opt to file separately may enjoy a larger deduction under the right conditions.
- Claim your dependents
If you have been supporting a family member or significant other, you may be able to file them as a dependent. Dependents who meet the taxable income requirement and similar prerequisites may be qualified. Consider using tax services in Round Rock, Texas for assistance and advice on the matter.
- Maximize IRA and HSA contributions
Traditional IRA contributions can help reduce your taxable income as well. Individuals aged 50 years old and above can benefit from a catch-up provision to add to their IRA. Making HSA contributions on the other hand allows you to deposit funds that are not taxed.
- Seek professional services
Another way to receive the maximum tax refund this year is to seek help from tax accounting firms in Texas. Using their services provides you with access to vital information on how to navigate the tax filing process. They can also assist you with matters involving business tax or problems with the IRS.
Still, looking for reliable accounting and bookkeeping services? If so, KF Tax & Accounting, P.C. has got you covered. Schedule an appointment with us to learn more about our tax preparation and accounting services.