Maximizing Your Tax Refund: Tips and Strategies

A top priority for all taxpayers, individuals and businesses, is to maximize the tax refunds or limit tax liability.  It’s important to utilize the right tax strategies in order to take advantage of all available deductions, credits, and annual IRA contributions. Knowing what strategies are best for you can increase our refund.  We cover how an IRA contribution can affect your tax liability in another article.

An important first step is to make sure you are keeping records of your expenses throughout the year, including business-related costs, medical bills, and charitable donations.  Some often overlooked items such as volunteer expenses or installing energy efficient appliances can also help lower your tax liability and increase a refund.

The difference between hiring a professional tax consultant rather than doing your own taxes is in the details.  A professional tax consultant will ensure you are leveraging every eligible deduction from home office expenses to educational credits.  For small business owners, you can benefit from deductions for office supplies, travel expenses, and even vehicle mileage.  There are numerous deductions that business owners overlook without the help of a professional tax preparer.   

At Sinclair Tax Services, we strive to support our clients by staying up to date on IRS tax code changes as well as searching for new strategies that help individuals and business.  Working with a certified tax professional ensures tax compliance while optimizing your financial situation.