Learn Tips to Increase Your Tax Refund

When you get ready to prepare your taxes or if you hire a NY certified public accountant to do it for you then you may sit there thinking about all the ways you could have saved your money this past year and how you should have done some things different but now it is too late and you only hope that it works out in your favor. When you get the results back you take a deep breath because you don’t owe anything. You can avoid this anxiety by learning tips that will increase your tax refund and decrease your chances of owing. There are so many things you can do with your money if you received more on your tax return New York.

So the question is to itemize or not to itemize?

Everyone asks this question during tax time. Why do you itemize? Well people itemize in order to show that they did pay out a lot the previous year. When you itemize it shows the IRS that you paid a certain amount and you can prove it. You must keep your receipts if you plan to itemize. If you run your own business you should itemize anyway because you can show how much you paid out versus how much you brought in. You can get a full list of deductions available from your New York income tax consultant.

Going back to school? There are more people making this decision today. Going back to school has advantages and one of those is tax deductions. You will most likely qualify to get more money back on your refund if you go back to school. Keep track of your receipts for everything- tuition, books, gas to travel, daycare expenses if you have children and more. If you are going to college online you can deduct an office area in your home, internet connection, computer expenses, and any material you need to take your courses online; anything that deals with your education online.

If you run your own business then it is important that you file the proper paperwork during tax time. You will need to pay for every form submitted but this is also a deduction for the next year. Your taxes that you pay as well as workers compensation on other employees is also something that you can write off as an expense for your business. Before starting your business makes sure that you speak to your tax consultant or CPA in New York to find out what you need to keep track of and what you are responsible for. A NY CPA can even keep track of your business books during the year so you can be all caught up during tax time. Most businesses do not get any money back and owe money when they do not have a book keeping system throughout the year. A business must pay state taxes during a certain time of the year; quarterly, bi-annually, or annually.

There are several ways to increase your refund for next tax year. It’s never too late to start preparing and saving.

Jonathan Medows, CPA, MBA is the Managing Member of MEDOWS CPA, PLLC, a boutique New York CPA firm serving the needs of individuals, freelancers, self employed individuals & small businesses. To see how he can help you reduce your tax liability and keep you in tax compliance please visit his website:
Medowscpa.com

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