Tax Refunds

7 Income Tax Tips – Increase Your Tax Refund

Executive Summary about Tax Refund by Pierre Barnard

Don’t forget that your individual tax return has to be returned to the Internal Revenue Service (IRS) by April 15 this year, unless you have applied for, and received an extension.

The following business and personal tips should make the current tax year a little easier on your pocket when completing your return:

1. Travel Expenses

Deductible travel costs include hotels, airfare, taxis, car rentals, parking fess, tolls and tips.

2. Medical Expenses

Depending on your income, certain medical expenses including health insurance and dental insurance premiums may be deductible. Pursue turning your non-deductible personal medical expenses into a legitimate business expense.

3. Entertainment Expenses

Be careful of entertainment allowances.

4. Tax Records

5. Electronic Filing

If you want your return processed in approximately half the time of a paper return, you should consider filing the forms electronically. 6. Avoid Refund Anticipation Loans

So between the loan fee, tax preparation fees and other administrative fees imposed on the loan, you end up losing a big portion of your refund.

7. Deadlines

Tax returns must be submitted before the due date given by the IRS. If your previous years’ tax affairs are up-to-date, an extension for submission of the return can be requested. Tax season makes everyone a little nervous.

What to Do With Your Tax Refund

Executive Summary about Tax Refund by Alexander Glaser

For starters, remember, this tax refund is the government giving you YOUR money back. It is money they over took from you through taxes and are now returning it. Therefore do no think of it as free money and waste it.

Instead of thinking of it as money to waste on a luxery, you can use your tax refunds to get you started on the path to personal, financial responsibility. Take that extra hundred dollars and pay off extra on your monthly credit bill.

As housing remains an issue, the extra refund money can be put aside to start paying off your mortgage. So another proposal is to simply save the money.

Tax refund checks should be arriving in your mailbox soon. Upon receiving it, use it to your financial advantage instead of blowing it, thinking it is free money.