10 Tips for Getting the Biggest Tax Refund

Tax refunds can feel like Christmas in springtime. With a sudden boost to your bank account, you can look forward to going on a shopping spree, catching up on debt or squirreling the refund away in savings. While you can’t control the fact that you have to pay taxes, you can control how big of a refund is in your future. Some of the following suggestions still apply for 2010, while you can use others in years to come. So how can you get the biggest tax refund?

  • Increase Withholding: When you reduce the number of exemptions on that form, then a larger amount of money will be withheld from your check each payday. Your tax refund will therefore be larger.
  • Don’t Forget Familial Obligations: Taking care of kids (and aging parents) can rack up huge expenses. Fortunately, you can deduct the costs associated with taking care of your dependent children and parents.
  • Invest in Tax Planning: A tax-planning professional (or you) can play with the numbers in computer software to evaluate what changes you can make to lower the tax bill, therefore upping the refund.

Full List at How Stuff Works.

Source: 10 Tips for Getting the Biggest Tax Refund Holy Kawl

 

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