Ways to Boost Your Tax Refund
Tax time is here! Wouldn’t a big tax refund come in handy? Here are some steps you can take now to boost your tax refund when you file this year.
Itemize your deductions.
Claim education expenses.
- The American Opportunity Tax Credit (AOTC) is a partly reimbursable credit for 100% of the first $2,000 of qualified education expenses you pay and 25% of the next $2,000. The AOTC is eliminated once your income exceeds $90,000 ($180,000 joint filers).
- The Lifetime Learning Credit (LLC) is 20% of the first $10,000 of education expenses. The LLC is eliminated once your income exceeds $69,000 ($138,000 joint filers).
Claim credit for your “full house”.
Deduct worthless investments.
File your tax return on time
In 2021 the tax due date was extended causing some confusion, but in 2022 the IRS has announced that taxes will be due on April 18. The sooner you can complete your tax forms and submit, the sooner you can receive your tax return and avoid any tax penalties or extension paperwork. Even if you aren’t required to file a tax return because your income is low, file anyway to claim your refund for taxes withheld and any refundable credits you are entitled to. If you wait more than two years to file, the IRS will not issue you a refund.
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The information in this article is for general educational purposes only and not intended to provide specific advice or recommendations. Please discuss your particular circumstances with an appropriate professional before taking action.
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