TOP TIPS TO MAXIMIZE YOUR TAX REFUND THIS YEAR - BALANCE EXPERTS

Finally, it’s 2019 and you all might have planned New Year resolutions and other important things that you would like to do in the future. But what about Business Tax Return?

The tax filing deadline is just a few months away and IRS soon be open for business and start accepting 2016 tax returns. This is a great time to make some smart tips to lower your tax bill and increase your tax refund when you file.

Whether you’re filing your tax return for the first time or a regular taxpayer, here are some tips to help you maximize your tax refund this year.

The Earlier the Better

Though you will have to wait for several days to receive your W-2 form for the 2018 tax year, that doesn’t mean you have to wait until April 15 to file your taxes, the date of filing your tax return. Once you have all your tax forms together, it’s a great idea to consult an accountant to get your taxes done. The sooner you file, the sooner you will receive your tax refund. An early and better tax refund is a wonderful opportunity to buy your favorite gadget, pay down any debt or pay school fees for your children.

Review Your Filing Status

Your filing status can greatly influence the amount of money you receive in your refund. If you divorce or lose a spouse to death or are recently married couple, you may expect a larger tax refund. Besides that, a married couple filing jointly can also get various tax benefits and breaks unavailable to those filing separately. So, it’s a great idea to consult your filing status with a professional CPA before filing your tax return.

Deduct Health Care Expenses

If your expenses are more than 7.5% of your adjusted gross income in 2018, you may be able to deduct those expenses. Take a look at the total healthcare expenses that you have spent on various health-related issues such as health insurance, Medicare premium, medicine costs, and other out-of-pocket expenses to see if the total health care costs exceed the medical expense threshold. But if you’re opting for the standard deduction, you can’t take this benefit – it only applies if you itemize all of your deductions.

Postpone Your Bonus

Getting a year-end bonus at work can help boost your tax refund this year. If your employer gave you a bonus in January, consult a CPA or a tax expert today. The best thing about these year-end bonuses that you won’t have to pay taxes on them when you file your 2018 business tax return.

Start a Home Business

Last but not the least – home-based business can help you boost your refund this year. You can deduct several costs that could add to your business expenses such as office, telephone, internet, and office supplies. When you start a business, the initial deductions may offer tax refunds, and when you starting earning, the continuing deductions provide a financial decision. A home-based business can save you around $2500-$3000 in tax savings.

If you’re going to file your 2018 tax return on April 15th, these are some of the many tips to boost your refund. If you’re a resident of Salisbury and looking for an experienced CPA to help you maximize your tax refund, Balance Experts can help. Whether you’re looking for tax preparation or payroll or Bookkeeping in Annapolis MD, our wide range of services have got you covered.