Tips on How to Maximize Your Tax Return

Tips on How to Maximize Your Tax Return

October 22, 2020

The goal is the same for every American taxpayer: minimize the amount owed and maximize the return. However, many individuals and business owners don’t know how to do this. They may know some tips and tricks, but they still fail to fully maximize their tax filing and payments. They also worry about the potential audit that could follow, and they don’t have reliable tax audit representation in Hayward, CA if that happens.

Have no fear—your local tax specialist is here to help. Use the following tips to keep more money in your account and boost your bottom line:

  • Make use of money-saving accounts: Flexible spending accounts, 529 accounts and IRAs are a great way to save money and reduce your tax payments. Be sure to maximize your use of these accounts. The amounts you can contribute may change with current laws or based on your income, so consult with your local tax preparer for assistance.
  • Always file: Even if you aren’t required to file due to your income level, you should still make the effort to complete the filing process. You may be due a refund! However, you have to file a tax return to receive these funds. Each year, millions of dollars remain unclaimed by tax payers who never filed a return.
  • Take your deductions: Be sure you are taking advantage of all the deductions available to you. Common deductions include mortgage interest, expenses for education, medical costs and charitable donations. Don’t forget to include both cash and goods that you’ve donated to organizations that have tax-exempt status. You might be surprised at the difference these deductions can make.
  • Report all your income: Whether intentional or due to error, a common mistake is to fail to report all your income. Even if it’s an honest mistake, you’ll pay in the long run. You’ll face penalties and interest on any unpaid taxes for the income you did not report. Submit an accurate filing the first time around to avoid the hassle and extra cost.
  • Consult with an expert: Tax laws and filing procedures can feel overwhelming. Whether you are filing as a C corporation or individual, the many forms and processes involved can cause you to leave money on the table if you don’t know what you’re doing. Additionally, if you’re audited, you definitely need reliable tax audit representation in San Leandro, CA. For the best results, consult with a local tax specialist to help you with your taxes from start to finish.

Put more money in your pocket

To maximize your tax return this year, contact your premier Castro Valley tax specialists at Menjivar & Company CPAs, Inc. We pride ourselves on our in-depth knowledge and expertise that can help you pay less and receive more. We specialize in personal, corporate, fiduciary and small business tax preparation. Give us a call today for more information on our services. We look forward to becoming your tax partner for life. Reach our team at 510-582-3636 with any questions or to schedule an appointment to review your taxes.

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