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How to get more money out of Tax Returns?
ok guy.. I have been hearing of so many people getting back an average of $3-5,000 back on their tax returns. Having a family helps and the more the kids the better. One of our friends is saying that they are close to $8K!!! This is why I made this post because I need to understand what it is I am doing wrong especially since my average tax returns are only $1K. Can you guys post some tips or tricks to getting a good return? thank you!!
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First...are you with the IRS or any enforcement agency of the Government?
SteveU“People are very open-minded about new things - as long as they're exactly like the old ones.”
...Charles F. Kettering -
LOL. If I was, I heard that would also get you more money back.Originally posted by GTRFirst...are you with the IRS or any enforcement agency of the Government?
SteveU
So no. 
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I would like to know as well. I pay every year!!anacroporamademepooraComment
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Unless you live check to check, breaking even or sometimes even paying is better. If you get money back, your deductions were off and that money should have been yours all along. If you get $8K back, figure that $700 in January would have been yours for the entire year, and its worth $750 or more - invested. Feb $700 is worth $748 ......
If you pay, you just borrowed money for free. ;-)
Receiving money means the govt took a 0% loan from you!
Of course if you don't manage your money well, or live for your paycheck, a return is a good forced savings plan.Comment
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some has to do with how much you withhold. I always withhold conservatively b/c I'd rather get a present from uncle sam in April as opposed to have to make a donation to the cause. You gotta maximize your mortgage deduction and non compensated business expenses. Make sure you've accounted for your 1099 income. In the end though IMO it's always linked to your withholdings.10x3x2 FOWLR (for now)
BK400ext
RD12 return, 2 RD12 closed loop, wavebox with extension
MRC kalkmixer
IKSComment
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It is nice to get money back, but nevertheless the above sentences are 100 % correct. You should got more money during the year..or put it another way...your payments the govt through the year were simply too high....meaning...you were the state creditor for free...Originally posted by Miguelito
Regards,
TomComment
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I have 3 tips for you:
1. Lie
2. Cheat
3. Steal
Hope that helps
LoueyComment
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save receipts for EVERYTHING. Dinners can be written off (business dinners/lie) gifts can be written off if they were given to employers. If you aren't self employed, it's harder (at least I think it is). If not, you can write off car payments, gas, repairs, etc). If you do any work at home, then you can write off part of that as well as a business expense (computer, printer, electricity, space etc)
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Oh and get a good accountant. The $500 you pay them is well worth it. They will tell you how to get your maximum return.Comment
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child care is also deductableComment
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I'm a non-practicing attorney specializing in minimilazation of gift and estate taxes (I do know a good deal about income taxation however) and the best advice I can give anyone is: use a good certified public accountant... he/she is the only one that will be able to give you the proper advice for your own given situation. Some of the previous statements are true only when you are self employed (receive 1099 income) while some deductions are applicable even if you are a W-2 employee. Also, there a certain sub rules in the IRC to all of the above; such as phase out, allowances, etc that only an accountant will know how to navigate. I don't know if this is applicable to you but my findings with Turbo Tax and similar tax preperation software is that it is a great program if you are w-2ed; if you are 1099 then you leave alot of deductions on the table and hence in the government's pockets. Hope this helps.
- Jamie120 Gallon Oceanic; 2 IceCap 660 w 8 Geiseman T5; GroTech Zeo Rx; MTC Ca Rx; 250 Ext BK; 8 Drops Bak / Food; 2ml Start 2.Comment
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I agree 100% with Jamie. There are so many tax law changes every year that it's virtually impossible to stay on top of it. A good CPA's advice is worth every penny, IMO.the best advice I can give anyone is: use a good certified public accountant... he/she is the only one that will be able to give you the proper advice for your own given situationFish eat poop....tastes just like chicken.Comment
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oh heck ya. the first year I used a CPA he turned a -12k tax bill into a 13k refund.10x3x2 FOWLR (for now)
BK400ext
RD12 return, 2 RD12 closed loop, wavebox with extension
MRC kalkmixer
IKSComment
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What about if you are both a W2 and 1099?Comment
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