Maximizing your Tax Return

Written by Charlotte Wood (last updated February 21, 2009)

Tax returns are always kind of exciting just because you potentially receive money back from the government. Seriously, who wouldn't want a tax refund check because you actually paid extra? Score! If you're not satisfied with the mere knowledge that you might be getting money back from the government, you can look into how you can maximize that return.

Probably the best way to maximize your tax return is simply by taking the time and energy and filing them promptly and correctly. If you wait until the last minute to file them, chances are you'll miss extra items that could give you extra money. By simply taking your time and going through your past year's finances methodically, you should be able to catch most tricks that will give you more money back.

Here are some other ways you can maximize your tax return. You can itemize:

  • State and local sales tax: by itemizing your sales tax, you could potentially get a tax reduction.
  • Charitable donations: donations to any kind of organization can always count in your favor
  • Education expenses: many different education-related costs could be up for deductions, like student loan interest
  • Job search expenses: a job hunting year can usually bring up deductions for you
  • Disaster or theft: if your home was damaged in any way, deductions could possibly cover what your insurance didn't
  • Medical expenses: if you've had a lot of medical bills in the past year, you could be up for deductions
  • Tax preparation: you can also claim the cost of software or professional expenses on your return
  • Real estate: don't forget your mortgage interest is deductible

Those are only a few of the expenses you can itemize on your return and could potentially receive deductions from. Remember the best way to correctly itemize your deductions and maximize your return is to take your time and do it correctly. Start early and don't rush through. Double check your work and make sure all is correct before submitting it to the IRS. Maximizing your return isn't hard, it just takes time and patience.

Author Bio

Charlotte Wood


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