Come tax time, and everyone gets busy in trying to think of ways that can either decrease their taxes or increase their refund amounts. Hire reputed tax services Orlando, and this will get much simpler. A pro will analyze individual situation and accordingly determine which deductions and credits are applicable.
While professional tax services Orlando will be able to helpyou better, we also have some ways with which you can increase the refund amounts.
Orlando Tax Service Question 1: Can you change your filing status?
When you sit down to do you taxes, you have to choose a suitable filing status before you start filling the tax form. This status has a significant effect on the refund amount, and this is more pronounced when you are married. In such a case, you will probably be filing jointly, but if you want a bigger refund, this is not a great strategy. Try to file separately; indeed taxes may be complicated, but you can enjoy a larger refund this way. This is because filing separately means a lower AGI value.
Orlando Tax Service Question 2: Are you properly utilizing all applicable deductions?
How many deductions have you been able to figure out? Make sure you do not miss any of these because doing so will bring down your taxes. Yes, we know it can be frustrating to keep a record of all those medical bills, the trip you made for volunteer work, and expenses you incurred while applying for jobs. It will even cause time, but once you realize, the effect this can have on your refund, you will do it eagerly. So save all these recipes with you and itemize them as deductions on your tax return.
And by the way, make sure you are utilizing all possible deductions. The most common ones of these include relocation because of job, retirement contributions and donations to an organization that has been exempted from taxes.
Orlando Tax Service Question 3: Is there any way you can maximize your retirement contributions?
Donate as much as you can to your retirement accounts. This is not that easy because these accounts have their maximum limits. Make sure that you are at least contributing this much. Not only will it help your taxes, but it will secure your retirement as well. If your age is over 50 years old, you can also use the catch-up provision as a deduction.
For those who contribute to the traditional IRA account, you may want to think about converting it into a Roth IRA account because it will provide you with a greater refund amount.
Orlando Tax Service Question 4: Do you make use of timing?
Timing is everything, and if you can prepay your future expenses, you may be able to increase your taxes. So for instance, if you make your mortgage payment in December, whereas you are supposed to do it in January, you will get a larger refund.
So try out the above and we are sure they will work out. You are so going to love the thick refund check or the deposit in your bank account, which you get from the IRS.
The Most Popular Deductions You Can Make Use Of
Want to bring down your taxes this year? In the past, what did you use; the standard deduction or the itemized deduction? The former is fixed for every income bracket, but if you opt or the latter, you may be able to reduce your taxes. Talk to your chosen tax services Orlando, and they will help you out with this.
In the meanwhile, we present you with the most popular deductions, which you can make use of to reduce your taxable amounts. Just be sure that you itemize all of these on Schedule A, and the overall amount is greater than the standard deduction value which you can avail. If you have any concerns, discuss the matter with your chosen
tax services Orlando
Interest can be advantageous at times
Applicable only to homeowners, the mortgage interest deduction is something which hardly any taxpayer misses out. As long as your mortgage amount is less than a hundred million dollars, you can deduct the interest amount you pay with your monthly payments.
Help the needy
Why not be a little generous and contribute some amounts to charity? Doing so will help you in bringing your taxes significantly. Just make sure that the charity you contribute is approved by the IRS, which in other words implies that the organization should be exempted from taxes and have the 501 (c) 3 status.
And by the way, you do not have to give only a check to charity. You can give other items as well that can be useful if they are in a good condition. In such a case, you will be able to deduct the market value of the item.
Secure your retirement phase
Want to enjoy a secure retirement? Make contributions to a retirement account such as the traditional IRA, Roth IRA, and 401 (k). This will not only be beneficial later on in your life, but will also reduce you taxes right now. While doing so, there is one thing to keep in mind. Different retirement accounts allow you to make varying maximum contributions. Go for an account to which you can contribute a greater amount so that you can avail a more significant reduction.
Set up an office in your home
Today is a time when there are just not enough jobs and even if you are employed, your salary is never sufficient for you and your family. As such, many people have set up their businesses right in their own homes. Why do you not join the crowd? Just make sure you establish the office in your own home. Once you do, you can deduct $5 for an area of one square foot; the total amount should not exceed $1,500. And the generosity of the IRS extends beyond this because they even let you deduct your utility bills, organizational memberships and the rent.
Disasters can reduce your taxes
If you suffered from a natural disaster this year, let IRS know and they may provide you a deduction worth the damage caused.
If you need more information about our Orlando accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.