Tax Tips For A Bigger Return

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Moving Expenses

Whether or not you go the itemized route you can still take advantage of the moving expenses deduction as long as you qualify.  If you’ve relocated due to a job and your employer did not reimburse you, you may also be eligible for this deduction.  To be eligible for this deduction your new workplace must be at least fifty miles away from your old workplace and you must have worked full-time for at least thirty-nine weeks during the twelve-month period directly after moving.  If you fulfill both stipulations, then you can deduct the cost of moving your goods and even the traveling expenses you incurred to get to your new home.

Other Business Write-Offs

You can write off a lot of things like travel expenses, meals, cell phone bills and even rent if it is related to your business and you can justify it as a reasonable business expense. The trick to having your records validated and accepted by the IRS, in case of an audit, is to keep pristine, accurate, detailed records of these expenses. Keep all receipts of your expenses and place them in a labeled envelope that the details outlining those expenses to help you remember. To ensure that you handle any deduction appropriately, make sure you check it over with your accountant.

Electronic Filing

You want a big refund and you want it now.  Well, the IRS promises faster refunds with its e-filing system.  Furthermore, filing online provides access to the most up-to-date information, as well as an acknowledgement receipt to retain for your records.  While this may not necessarily put more money into your pocket, it does ensure a faster and more accurate return.

Direct Deposit

By choosing to have your refund deposited directly into your bank account, you’re speeding up the entire process.  As opposed to receiving a check in the mail, which can seem to take forever, you’ll actually receive your funds within ten days of filing electronically.  One very important thing to keep in mind here is that by filing over the Internet you may be losing that second pair of eyes.  It’s always reassuring when you have someone with you to double-check your numbers, right?  

Amended Tax Return

The IRS will let you amend your tax returns as far back as three years, but these corrections cannot be completed electronically.  By mailing in the forms and completing a little extra paperwork, you could put a few more bucks in your cash-strapped pocket.  

Follow these tips and your wallet will thank you, but remember that there are limitations that apply to the various tax credits available to you. However, there are also ways to make the filing process more accurate, faster and easier to follow.  By thoroughly researching every available option, understanding the numbers and providing accurate information, you are saving yourself a lot of time and money.

 

 

 

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