There are things that you can do to increase your tax refund. We could all use a little extra refund this year. You can donate, pull out all of your lost accounts, collect your receipts and cash in on your refund for this year. Whatever that you deduct, just know that you can be audit, so saving your receipts will help you later on.
If you want a bigger refund, you can donate things and then deduct it from your taxes. You can donate anything new or used that you don’t want to places like Good Will and you will receive deductions on your tax refund. Anyone can get this off of their taxes. I’m sure you have thousands of items in your garage that you don’t need that you can donate. It will clean up your house and you will get some money for it.
Independent contractor deduction
If you’re not an employee and you were an independent contractor, you can subtract most of your cost on your tax like clothing, gas, food, healthcare cost, and other spending. You should look into this and make sure you have your receipts for them.
You can also deduct your loans and other educational cost on your tax. This can be a big part of your deduction as well.
If you have dependents that you can file for then this will also be a big part of your deductions. Dependents like children or your wife or your parents can be a deductible.
You can also deduct healthcare cost that you incur throughout the year. This you will have to have receipts for. They will allow things like hearing, vision and dental or general health.
If you have business lost, investment lost, you can also deduct it off of your tax. You should also have receipts for these. Business lost could just be lost in sales, fraud, or other type of losses for your particular business.
Save your receipts
If you want your deductions to be safe, you need to keep all of your receipts for everything that you deduct so you don’t get audit later on. You have to keep them for at least 5 years. You can get audit anywhere within those years. It’s a good business practice or personal practice to keep receipts at all time.