7 Tax Secrets Coming Up
Tax Secrets For 2019
Tax time is here! But how can you maximize your refund and take advantages of new Tax laws in 2019? We have 7 tips to get you the biggest refund faster.
Keep reading to find out our 2019 tax secrets.
#1 Use a tax program like TurboTax.
For many filers, based on your income, TurboTax is free to file. You can access the software online and it won’t cost you anything if you qualify for the free version. The reason we recommend tax software? There are many ways to maximize your refund and deductions that you might not think about if you try to fill out your tax forms yourself. TurboTax will walk you through filling out the forms and all of the most common ways to increase your 2019 tax refund. On top of that, tax software will save you from doing all the complicated math and from referencing the tax charts, virtually eliminating the risk you make any miscalculations.
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#2 Review Donation Records
Review your credit card donations, donation receipts, and other records for any giving to qualified non profits in 2018 so you can maximize your 2019 refund. The tax software you use will walk you through recording these deductions on your return so you can reduce your total tax for the year.
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#3 Own A Home?
If you own a home you will want to look for your year end tax statements from your lender, as any interest you paid represents one of the biggest deductions for many filers.
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#4 Review Return!
After you finish entering all your data through the guided tax software, go back to the beginning and review each section. We have found that doing a full review allows you to catch any areas or deductions you may have missed.
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#5 Choose Direct Deposit
Opt for the direct deposit of your tax return to get your refund much more quickly. This is a much faster option and can save you weeks of waiting for a check to come in the mail!
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#6 Plan For Next Year
If you had any areas where your records weren’t complete or you didn’t have all those donation receipts, make it a goal for the next year to get organized so you will have better records. Setup a file now so you can keep track of any and all donations and other relevant tax information. This will make filing in 2020 even easier!
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#7 Use Refund Wisely
Why not put a large portion of your refund into savings or use it to pay off debt? For many filers who have a larger refund, this could be an excellent opportunity to eliminate debt and build your savings account balance. Sure, you can still have a little fun with some of your refund, but why not put 80% towards eliminating debt or growing your savings.