From paycheck to paycheck, the average American has to pay taxes, even on expenses that they won't end up using. Nonetheless, when tax refund season rolls around, it's easy to become excited. After all, this will provide you with the opportunity to get the most out of your taxes, ultimately allowing you to secure spending money. Here are the tax refund do's and don'ts provided by Robert Jain that will have you coming away with a few extra dollars in your pocket.
DO consider the importance of early work. Anyone that has ever benefited from tax refund season will tell you that the highest returns are gained when the process starts sooner. Furthermore, it will allow you time to gather every last piece of paperwork you need, whether it's in relation to your job, insurance, or what have you. The early bird catches the worm, and the same can be said for tax refunds. Names such as Bob Jain would be hard-pressed to argue.
DON'T overlook expenses through your work. Did you have to drive a certain number of miles on company time? Did you once have to pay for printer paper, out of your own pocket, so that your office wouldn't run short? These are just a few examples of work-related expenses that you stand a chance of writing out when you do your refund. Ergo, you'll be able to come away with a more sizable return by the end of the process.
DO keep records of your donations. You may not believe this, but it's entirely possible for someone to make numerous contributions to different charities so that they achieve higher returns. For those in finance, this may be seen as a red flag. To prevent getting less than what you deserve on your tax refund, make it a point to keep your receipts and records. This will lessen the headache that you would have experienced otherwise.
DON'T think that you can't learn from your mistakes. In fact, this may help you earn more money from your tax refund. Let's say that, one year, you started filing sooner than others. This may have had an impact on what you were able to earn. Maybe there are deductions, work-related or otherwise, that you simply forgot to account for. In any event, if you made a mistake with going about your tax refund, use the information you learn so that you don't make the same missteps for years to come.
DO consider the importance of early work. Anyone that has ever benefited from tax refund season will tell you that the highest returns are gained when the process starts sooner. Furthermore, it will allow you time to gather every last piece of paperwork you need, whether it's in relation to your job, insurance, or what have you. The early bird catches the worm, and the same can be said for tax refunds. Names such as Bob Jain would be hard-pressed to argue.
DON'T overlook expenses through your work. Did you have to drive a certain number of miles on company time? Did you once have to pay for printer paper, out of your own pocket, so that your office wouldn't run short? These are just a few examples of work-related expenses that you stand a chance of writing out when you do your refund. Ergo, you'll be able to come away with a more sizable return by the end of the process.
DO keep records of your donations. You may not believe this, but it's entirely possible for someone to make numerous contributions to different charities so that they achieve higher returns. For those in finance, this may be seen as a red flag. To prevent getting less than what you deserve on your tax refund, make it a point to keep your receipts and records. This will lessen the headache that you would have experienced otherwise.
DON'T think that you can't learn from your mistakes. In fact, this may help you earn more money from your tax refund. Let's say that, one year, you started filing sooner than others. This may have had an impact on what you were able to earn. Maybe there are deductions, work-related or otherwise, that you simply forgot to account for. In any event, if you made a mistake with going about your tax refund, use the information you learn so that you don't make the same missteps for years to come.
About the Author:
For additional information regarding finance in general, please contact Bobby Jain.. Also published at Do's And Don'ts, By Robert Jain, To Help You Maximize Your Tax Refund.
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