Document all your donations: Charitable donations are one of the best ways to deduct from income you’ve earned and maximize the amount of refund you can receive. The government is okay with people claiming donations as a deduction if they fit into qualifying categories. The donations must be made to tax-exempt establishments such as charitable groups, higher education institutions and/or religious organizations.
Claim Professional expenses: Another type of deduction tax payers can claim is expenses that occur for professional reasons. If you spend money on work related items that are necessary for your job that are not reimbursed by your employer, these are tax deductible expenses. In addition, if you are a member of a professional organization that requires monthly or yearly dues that are not reimbursed by your employer these are also tax deductible expenses. Review your work expenses and any professional organizations you may belong to see if you have some expenses that you can write off.
Review the current tax laws: Anyone looking to maximize their income tax return should always check the tax code before filing their taxes. The code is often changed by the government to aid in certain economic climates. So, you should learn any new deductions that may be available to you during that tax season. If you do not have the time to learn the new changes that have been made to the tax code consult a tax professional. We are here to help you navigate the often-complicated tax code to help you maximize your return.
Helping you get the most out of your tax return is what good accountants do, and we here at Assurance Tax & Accounting Group are experienced at doing just that. Visit our tax resource center page for additional tax tips and information to help you get your maximum refund.