June 10, 2020
3 Proven Ways to Get a Bigger Tax Refund
Let’s face it: Filing a tax return is time-consuming, complicated, and not the most exciting task. These are some of the reasons why people procrastinate and then panic once the deadline is near.
It doesn’t have to be that way. It can even be pretty rewarding — particularly to your bank account! By taking advantage of common (and often overlooked) tax breaks, you can potentially get a larger tax refund. Imagine suddenly receiving a big bag of cash that you didn’t expect any more. A little bit of planning and research is all it would take. Oftentimes, tax deductions are overlooked and shuffled away as people are too lazy to check if they apply to them or not.
It pays off to be thorough in preparing your tax return. You don’t want to be paying more than the taxes you owe. Keep more money in your pocket and cut hundreds or even thousands of dollars from your tax bill by claiming tax write-offs. The average American taxpayer is usually too lazy to claim these deductions or tax breaks, resulting in bigger tax bills and more money given to the IRS than what they should be paying.
One common reason why some people don’t take advantage of tax deductions is that they think they are ineligible to claim them, which results in them missing out on a write-off of a couple hundred dollars or more.
Make Your Tax Refund Bigger With These 3 Ways
Understandably, you don’t want to spend any more time on your taxes than you have to. It’s stressful, time-consuming, and you just want to get it over with. However, it pays off to fully understand your tax bill as it’ll potentially help you identify items that you can write-off or claim a deduction off.
Check out these three proven ways on how you can get a larger tax refund
- Your filing status matters.
Your tax filing status plays a big part in determining what tax bracket you belong to. If you’re married, note that you can file either separately or jointly. Most couples would choose to file jointly, but you do have the option to file separately. If you’re not married yet but you have a qualifying dependent, you can reduce your tax bill by filing as head of household, assuming you meet the requirements needed. One thing to note is that if you’re caring for your elderly parents, you can claim and file as head of household. This is often overlooked by most Americans.
- Claim your tax deductions.
There are tax write-offs that people don’t bother claiming because they think they don’t apply to them. You can claim deductions on moving expenses, having a home office, even donations or contributions you make to charitable organizations.
- Take tax credits.
Tax credits are different from deductions and often work better to boost your tax refund. They’re a dollar-for-dollar reduction of your taxes and often overlooked by most American taxpayers. A good example is the earned income tax credit, which around 20-30 percent of Americans usually don’t bother with. If you have kids, you can also claim child and dependent care credits.
Get Hefty Tax Cuts by Helping Needy Vets
You can get tax deductions by doing good deeds, such as making contributions or donations to charities.
If you have a car that you no longer use and you want to help out the struggling veterans in your community, consider donating that vehicle to us at Veteran Car Donations. We’ll put your vehicle up for auction, with the proceeds going to our veteran-focused nonprofit partners. These IRS-certified 501(c)(3) nonprofit organizations use the funding that we provide them to deliver financial assistance, free medical treatment, employment opportunities, family support, and other essential services to their veteran beneficiaries and their families
You’ll also help yourself when you help our former warriors. Heaps of incentives and rewards are in store for you if you become our donor. We’ll provide you with a free towing service wherever you are residing in the country. Your donation will also qualify you for a top tax deduction in the next tax filing season.
We accept nearly all types of vehicles, including those that won’t even start anymore.
Support Those Who Have Sacrificed and Served
It’s heartbreaking to see our veterans live a life that is far from what they deserve after all their sacrifices. Work with us at Veteran Car Donations by making a vehicle donation. Let’s transform the lives of our suffering veterans. Call us at 877-594-5822 or fill out our online donation form today!