How to Maximize Your Tax Refund

How to Maximize Your Tax Refund

August 19, 2019

It doesn’t matter if you’re filing corporate taxes or you’re poring over your W-2, we all have one persistent question on our mind when it comes to taxes: How can I get the most from my tax refund?

For the uninitiated, taxes can be a thoroughly confusing process. Even as most of us wonder how to get more from our taxes, we’re not entirely sure how to make it happen. With that in mind, here are some tax refund tips in Hayward, CA designed to increase your refund.

Do Some Deduction and Exemption Homework

Tax deductions and exemptions are precisely what they sound like: specific rules that allow for a reduction or even the complete erasure of taxes. Do some homework to discover which deductions and exemptions might apply to your situation.

Consider Itemized Deductions

Under the new tax law, the standard deduction has become more appealing than ever. However, you could be missing out on a bigger refund by opting for the standard deduction over itemized deductions. Sure, an itemized deduction takes a little more work, but it can pay off in the end—literally.

Saving for Retirement Can Be Your Secret Weapon

One of the more helpful bits of info for people in search of tax refund tips in Hayward, CA is this: prepare for the future. If you haven’t been building up your 401k, now might be the time for you to start. Contributions to certain retirement accounts are taken into account before taxes. In other words, you can’t be taxed on anything you put in your 401k. Those contributions lower your taxable income, which, in turn, reduces the amount that the IRS can charge you.

Donate to Charity

If you’re prepared to itemize your deductions, consider donating. Whether you’re giving money or bringing your old clothes and unwanted items to a charity, it’s all tax-deductible (and it goes to a good cause). Just be sure to make your donations to a tax-qualified charity and keep in-depth records of your contributions.

Medical Expenses Are Deductible

You could be set to save yourself some money if you’ve spent some time at the doctor in the previous year. Certain expenses like eye care, dental work, counseling and certain insurance premiums are all prime examples of the medical costs that could benefit you come tax time.

There’s One Surefire Way to Amp Up Your Refund

Far and away, the best advice to offer someone seeking tax refund tips in Hayward, CA is to steer them toward Menjivar & Company CPAs, Inc. With more than four decades of satisfied customers under our belt, we’ve become the area’s most reliable and trusted firm.

Our family owned and operated business takes immense pride in the customer service we provide each one of our clients, whether you’re at the helm of a major corporation, an up-and-coming small business or a citizen fighting for every dollar in your bank account. We understand your needs, and we’re dedicated to making them a reality. Visit our website or give us a call to schedule an appointment.

Categorised in: