From paycheck to paycheck, the average American has to pay taxes, even on expenses that they won’t end up using. Nonetheless, when tax refund season rolls around, it’s easy to become excited. After all, this will provide you with the opportunity to get the most out of your taxes, ultimately allowing you to secure spending money. Here are the tax refund do’s and don’ts provided by Robert Jain that will have you coming away with a few extra dollars in your pocket.
DO kick off this process as soon as you can. One of the reasons for this, according to names such as Bob Jain, is that tax refund season only lasts so long. As a result, it’s in your best interest to begin this process early. You won’t have to worry about filing everything, only to realize that you’re missing a crucial piece of paperwork. This is just one of the many reasons why the process in question must begin sooner.
DON’T forget about work expenses. Did you know that certain expenses related to your job may be written off on your tax refund? These include the miles you drive on company time and the toner that your office’s printer may be running short on. If you spend money on such things and your work doesn’t cover you, there’s a possibility that they can be deducted from your taxes. This will help you get even more out of your refund.
DO understand that donations should be recorded. While it’s important to be charitable, so that you can hopefully make a difference, this doesn’t mean that your contributions should go unaccounted for. If you have the opportunity to take receipts for what you offer, do so. This will make it easier to file your taxes, as you have records that you can show. Otherwise, it may appear, from the outside, that you’re simply giving more money so that you earn more during tax refund season.
DON’T forget to learn from your mistakes. No matter how organized you may be, there’s a possibility that you still won’t get the most out of your tax refund as you would like. Don’t let this deter you, however, as it may serve as a learning opportunity for years to come. Maybe you forgot a particular form. Perhaps it was a matter of starting too late. Whatever the case may be, learning from one’s mistakes goes a long way.