5 SIMPLE HACKS TO MAXIMIZE YOUR TAX REFUND

• Your tax refunds are nothing less than surprising Christmas gifts that arrive in the springtime.

• You worked very hard to earn your money, and hence when the tax returns arrive it is always a great feeling and celebration time for the taxpayers.

• There could be various factors which cut-short your tax refunds.

• Even a small wrong financial decision can eat up your tax returns.

• The good news is that you can control how big your tax returns could be for this financial year.

• Check these simple hacks to maximize your tax refunds.

#1 RIGHT INVESTMENTS

• First and foremost, the most important step you need to take is to start investing in a tax saving plan.

• Early tax planning and right investments are one of the most prominent ways to take advantage of deductions and maximize your tax refunds.

#2 INCREASE IRA CONTRIBUTIONS

• This is one of the most highly recommended ways to maximize your tax refunds.

• Start contributing in an Individual Retirement Account (IRA).

• And if you are already contributing in one such account, it’s time to increase the contributions.

#3 DON’T FORGET DEDUCTIONS

• Don’t forget to deduct donations made to charitable organizations, as it will lower your taxable income.

• Donations made to non-profit hospitals, charitable schools, colleges, and religious organizations are exempted from taxes.

• Also, the expenses and costs for dependent care (children and aging parents) are also deductible.

• Consult a tax professional to know about this clause in details.

#4 CLAIM CREDITS

• It is a well-known fact that credits are much more effective than deductions when it comes to reduce taxable income.

• Some of the credits made to your account are exempted from the taxable amount. These include:

• The Earned Income Tax Credit• The Child and Dependent Care Credit• The Child Tax Credit• Additional Child Tax Credit• Educational Tax Credits

#5 BE ON-TIME

• Last but not the least, don’t ever delay paying off your taxes.

• Taxpayers who stick to the calendar and deadlines have higher chances of maximizing tax refunds.

If you have taken a bank loan or an online payday loan, be very careful with the repayment dates, as you would not want to use your tax refunds for late payment fines and additional interests.

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