Tax season is here and every family is looking for ways to increase the amount of their refund or reduce the amount they will owe. This can be a stressful time of year if you're concerned about the outcome. It doesn't matter if you think you'll get a refund or not, it's stressful because there is always the what if concern.
Most of the time, the more deductions or write-offs you have, the less you'll owe and the more you'll receive back. The hardest part about this is knowing what you can include and what you can't include. Whether you do your own taxes or not, it's scary adding new things, but it's important to add as much as possible so you get the biggest refund or the smallest amount owed you can.
When you think about your taxes, the traditional deductions or write-offs come to mind. These would include medical expenses, mortgage interest, and donations, but what about the others you may not think will work? Here are a few for you to consider.
1. Vehicle license plates
2. Health insurance premiums (if they're taken from your check after taxes, if you're self-employed, or if you pay for your own insurance)
3. If you travel for your employer and they don't reimburse you for mileage, meals, or lodging
4. If you must have a uniform such as FR clothing or steel toed boots and your employer won't pay for them
5. If you make energy efficient changes to your home, those may help you with your taxes
6. If you pay for child care and don't use a Flexible Spending account you can claim that money on your taxes
Filing your taxes each year can be a huge frustration and it can be one of the most stressful things you'll have to do. It takes a lot of time and there is a lot to do to complete the process. It's also scary because you don't want to claim something that's wrong. The best thing to do is have a professional do them for you, but if you can't afford the fees, you can use programs online to help. It's important to get every deduction possible so you get a larger refund or pay less if you owe. When you use these examples and many others that are found online you'll have the ability to use everything you can and make the most of your tax return.