As tax season enters full swing, tax preparation services are working overtime to help their clients get their returns filed on time. While dropping off your paperwork with a tax accountant near you in Fort Mill, Rock Hill, or Tega Cay, SC is the best way to make sure you get everything you’re entitled to, there are other steps you can take that may have a positive impact on your tax refund. Today, Blackwell’s Tax Service would like to share a few ways you can get the most out of your tax return this year:
- File your taxes as early as you can – Try your best to file your taxes as soon as you can. The sooner you file your return, the quicker you can receive your tax refund (if you’re entitled to one). A good rule of thumb is to file as soon as you receive all your W2s.
- Itemize if you can – Take time to add up all of your deductions. You may wind up with more than the standard deduction, which means more money in your pocket. Deductions are available for job search expenses, charitable donations, and state and local taxes, just to name a few.
- Claim above-the-line deductions – Whether you itemize or not, make sure to take advantage of any above-the-line deductions. These include your out-of-pocket expenses for alimony, student loan interest, IRA contribution, among others.
- Claim all eligible dependents – If you’re supporting a friend or family member, be may be able to claim them as a dependent on your tax return. Claiming dependents means you can take a $4000 deduction on your taxes. Please note that there are many factors that determine eligibility, so talk to your tax preparer If you’re unsure about what to do.
- Contribute to your IRA – When you add to your retirement savings through an IRA account, you can take a deduction on your taxes. This contribution must be made by tax day (April 18, 2018) in order to claim the deduction. Take advantage of this benefit by putting money into your IRA today.