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Tips to Boost Your Tax Refund in 2018

Now that tax season is over, did you have to pay taxes instead of getting a refund? You are definitely not alone, and there will probably be a repeat next year.

There are a few things you can do to increase your chances of getting a refund, and you don’t have to be a tax accountant to take advantage of these deductions. The key is to start planning now, not until the end of the year. Below is a list of what you need to do.

Contribute to a 401K or IRA

Most people think the only reason to contribute to a superannuation fund is to ensure financial independence as you age, but it can also have short-term tax benefits. Most of the time, the money you put into your 401K and IRA is tax deductible and not included in your taxable income.

Donate to charity

Charitable donations or expenses related to volunteering can be itemized and deducted from your income at tax time. Just remember to save all the receipts and keep track of all the miles you’ve driven on behalf of the charity or organization you’re volunteering for. These miles will be deductible at 14 cents per mile for 2018.

Buy a primary residence

There is a clear tax benefit to owning a home. The interest you pay on your mortgage is tax deductible. For the first few years, mortgage payments go toward interest, which will radically reduce your adjusted gross income at tax time. Consider paying your January 2019 mortgage in December to maximize your tax credit in April.

Invest in solar energy

If you’re making a list of home improvements, consider adding solar panels to that list. Solar energy will earn homeowners up to 30% of their installation costs in the form of tax credits. I would hurry because these credits will decrease after 2019.

Claim education credits

Student loan interest and/or tuition can be used as a tax deduction. Current students can also access the American Opportunity Credit, which covers up to $2,500 per year over four years, and the Lifetime Learning Credit, which can cover up to $2,000 per tax refund.

Start a home business

Starting and maintaining a business in your home will give you a new source of income, but more importantly, it will allow you to take deductions on any income generated from the business. These specific deductions can include business expenses, portions of your mortgage, utilities, repairs, and even business start-up costs.

Medical or dental expenses

Many of your medical and dental expenses are tax deductible, as are transportation and parking expenses.

Open a flexible spending plan

Many employers offer flexible spending plans that will allow their employees to contribute to their annual medical expenses. These health contributions are generally not counted as taxable income.

Job search

If you find yourself looking for a new job this year, remember that you can write off some of the costs associated with finding a new job. These write-offs include clothing, travel, food, etc. And these expenses can be deducted even if no employment is found within the tax year.

Make estimated payments

As is often said, the best defense is a good offense. If you’re concerned that your deductions won’t adequately cover you for the tax year, it would be helpful to make quarterly payments that you and your tax accountant think will cover your non-withholding income.

Start a family

Child tax credits are still included in the new tax reform law. In fact, they have been increased from $1,000 per child to $2,000.

Find all available tax credits

We have listed many tax breaks in this article, but there are many more that can be taken advantage of. Some of these include childcare costs for low-income households and adoption. Keep in mind that tax credits are valued more than simple deductions because they can reduce your taxable income on a dollar-for-dollar basis.

The Tax Cuts and Jobs Act of 2017, signed into law in December, provided a major overhaul of the previous tax code. This law will affect your tax planning for 2018, so it will be important to have a professional do your taxes. No matter how much you think you know or how much research you do, an expert will be able to identify those tax credits and deductions that will benefit you. An expert will also help you stay organized and reduce your tax liability.

Remember, be a smart taxpayer and learn how to earn money on your tax refund.

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