It seems that tax season ended just yesterday, but a new season is upon us. Like most Americans, we’re sure that you’re looking for ways to pay no more than what you owe, and even boost your tax refund. Below are a few tips at maximizing your taxes this upcoming season:
- Travel for work? See the doctor often? Don’t shy away from tax deductions. Believe it or not, but a lot of things add up without you knowing it. Keep a log of tax deductible activities and see if it’s worth writing them off. The same holds true for charitable deductions, and even moving fees if you relocate to a new home.
- You have until April 15 to open a traditional IRA for the previous tax year. Typically, traditional IRA contributions reduce taxable income.
- Consider scheduling health-related exams during the last quarter of the year to boost medical expense deduction potential. It’s actually been proven that taxpayers who pay particular attention to the calendar improve their chances of receiving a larger refund than those who don’t. Paying property taxes or things like your mortgage before the end of the current year can actually yield a larger refund. Make the calendar your best friend!
Don’t forget that when you’re looking to truly maximize your tax refund to seek out the premier CPA in Hawaii! Visit Michael J. Yuda CPA, LLC today!