Income Taxes - How To Increase Your Refund

Many tax filiers do not take advantage of all the tax deductions they can
qualify for. As a result, they may have to pay or receive a smaller refund
than they would otherwise.

Before you start to file your taxes obtain a Publication 17 through IRS.gov./forms This IRS can be mailed to you within a few days or you can download it and print it, but that might be very expensive. This IRS Publication lists All the tax deductions that you can claim, provides instructions for claiming them, provides sample completed forms, and explanations of those deductions. If you take the time to read through the Publication and Check-Off All the deductions you can claim, normally you'll quickly realize there's a lot of deductions that you could have claimed in the past, as well as, this year. Those extra deductions could save you hundreds of dollars.

Would you like to get your refund as you earn it? While you're on the
IRS.gov/forms website download and print a W4 form. If you read the
top of the W4, you'll learn that you can "estimate ahead of time" the
tax deductions that you'll accumulate during the year. You can complete
a new W4 form and turn it into your employer at anytime. Filing that newly
completed W4 form will reduce the amount of taxes being withheld from
your paycheck and, as a result, your Net Take-Home Pay will increase
on your next pay day. That might increase your monthly take-home pay
by $200 or more per month. Financial Planners and CPA's recommend
their tax paying customers to do this. Their reason - The IRS is Not Going To Pay You Interest For Keeping Your Money All Year! Thus, it's to your
benefit to obtain that money ASAP and, if nothing else, invest it in your
employer's 401K or an IRA, etc. that will pay you interest or create a
secure investment for you. 

Also, while you're reading the IRS Publication 17, you'll learn about
tax free and tax advantaged investments. You might talk to your
financial adviser regarding these and determine if they are appropriate
for you.

I Hope This Helps!

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


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