How to Get the Biggest Possible Tax Refund

By Product Expert | Posted in Taxes, Tips & Tricks on Tuesday, February 5th, 2019 at 2:40 pm
wooden block with "tax" written on it next to stack of coins and clock

Tax filing season may have just begun on January 28th, but it’s never too late to begin filling out and filing your taxes so you can get your tax return! If you’re looking for ways to get the biggest possible tax refund, follow these simple tips and advice! 

[Read More: 4 Smart Ways to Spend Your Tax Refund!]

Claim All Available Deductions 

Deductions are subtracted from your adjusted gross income, which means your taxable income will be lower and you’ll save some money. Be sure to not overlook any deductions you may be eligible for including medical costs, prepaid interest on a mortgage, education expenses and charitable contributions. Make sure, though, that you claim deductions for organizations with tax-exempt status with the IRS.

Use the Best Filing Status 

Make sure that when you file, you’re using the correct and best filing status for yourself. Your relationship status on December 31st, 2018, determines your filing status for the entire year. If you’re married, calculate your taxes using both the Married Filing Jointly status and the Married Filing Separately to see which one works best for you.

woman hunched over various documents with calculator

Build Your Retirement Savings 

One of the best ways to save in the present and in the future is by contributing to a 401k plan offered by your employer. Contributions are taken before you pay taxes so the IRS won’t tax money you put into your retirement savings. You get taxed less now and build your future. It’s a win-win!

Be Prepared 

The most important thing, above all else, is making sure that you’re prepared. With the tax code changing for the first time in 30 years for 2018, there can be some confusion about filing. Give yourself plenty of time to sort through all your documents or seek help from a tax professional. Don’t wait until April 15th!

Thanks for reading! Keep up with our blog for more posts like this! 

Leave a Reply

Adjust Payment Terms ×

We want to help you find the perfect car that fits your budget. Please adjust the options below so we can estimate the most accurate monthly payments.

Estimated Credit Score or Interest Rate

Desired Loan Term (months)

How much will you put down?

All tax, title and vehicle registration fees are additional. See dealer for complete details.