Advertiser Disclosure

Banks.com » Tax » 6 Tips for Getting A Bigger Tax Refund in 2018

6 Tips for Getting A Bigger Tax Refund in 2018

Written by Banks Editorial Team

Updated April 22, 2021​

2 min. read​

banks.com

We’ve gathered all the smart tips for getting a bigger tax refund than you were prepared for throughout the year because there’s probably better than unexpected money. Getting money back that you thought was as good as gone can be better than Christmas morning, which is why so many taxpayers try and navigate the system to the best of their ability each year. According to the IRS, about 75 percent of taxpayers received a tax refund of $2,800 during 2015 – but that doesn’t include everyone.

However, if you don’t like surprises, but you don’t want to spend the big bucks in an accountant, think about using a tax app to make your life easier. Some of these offer a free trial period to check out their features before you even have to invest a cent!

Popular Tax Companies
TaxSlayer is the easiest way to file your federal and state taxes online. Get started completely for free to maximize your tax return this year.

TaxSlayer is the easiest way to file your federal and state taxes online. Get started completely for free to maximize your tax return this year.

E-file.com offers free federal tax returns using their basic software. Upgrade for more complicated tax cases. In any case, get your biggest refund fast.

E-file.com offers free federal tax returns using their basic software. Upgrade for more complicated tax cases. In any case, get your biggest refund fast.

Read how FreeTaxUSA top-rated software, IRS-approved e-file provider can help you get the maximum tax refund in the fastest way possible.

Read how FreeTaxUSA top-rated software, IRS-approved e-file provider can help you get the maximum tax refund in the fastest way possible.

Tips for Getting a Bigger Tax Refund

If you felt your refund was subpar, check out these 6 tips for getting a bigger tax refund than expected this year:

1. Withholding Increases

If you’re someone’s employee that means you completed a W-4 form where you indicated how much would be withheld from your biweekly paychecks. The information on that W-4 determines how much money is put towards your personal income taxes each payment period. If you want a bigger refund, contact human resources and change the amount withheld from your paycheck.

2. Donation Deduction

Did you know you can deduct for charitable donations today? There are a lot of payments you probably made throughout the year that can be classified as a charitable donation. However, if it may seem too good to be true, be careful to check out the restrictions that must be met to qualify these deductions.

3. Work Expenses

If your job made you pay for something you use at work out of pocket this year, be sure to claim it on your tax return. For example, if you had to subscribe to a professional magazine, or pay dues to some kind of group you joined within your organization, deduct those expenses next year.

Popular Tax Companies
TaxSlayer is the easiest way to file your federal and state taxes online. Get started completely for free to maximize your tax return this year.

TaxSlayer is the easiest way to file your federal and state taxes online. Get started completely for free to maximize your tax return this year.

E-file.com offers free federal tax returns using their basic software. Upgrade for more complicated tax cases. In any case, get your biggest refund fast.

E-file.com offers free federal tax returns using their basic software. Upgrade for more complicated tax cases. In any case, get your biggest refund fast.

Read how FreeTaxUSA top-rated software, IRS-approved e-file provider can help you get the maximum tax refund in the fastest way possible.

Read how FreeTaxUSA top-rated software, IRS-approved e-file provider can help you get the maximum tax refund in the fastest way possible.

4. Filing Status Review

Sometimes, we go into autopilot and fail to review the simplest parts of the tax return form. For example, has your filing status changed this year? Filing as single, head of household, or married as separate entities or as a joint entity can greatly affect the amount of money you receive with your refund. Through death, divorce, separation, or even a big move, make sure you are receiving all of the money owed to you through your filing status.

5. Family Costs

Sure, it may be expensive to raise kids today, but you can actually use the expenses your kids racked up over the year as tax deductions. Things like dependent care, or costs associated with taking care of your depend children, as well as parents, can help you claim a much bigger tax refund.

6. Think About Retirement

One great – and responsible – way to contribute to your tax refund is to invest in your retirement fund, like an Individual Retirement Account (IRA). Your IRA facilitates saving for retirement as well as lowers the total taxable incomes as it comes off the top of your savings. The lower your taxable income, the less you owe in taxes.

Save Your Money

Take the time to really mull over your expenses and payments throughout the year. You’ll discover that a much larger tax refund is available to you. Sign up for a tax app today and stay on top of your taxes.

Tax Software

Advertisement Disclosure

Product name, logo, brands, and other trademarks featured or referred to within Banks.com are the property of their respective trademark holders. This site may be compensated through third party advertisers. The offers that may appear on Banks.com’s website are from companies from which Banks.com may receive compensation. This compensation may influence the selection, appearance, and order of appearance of the offers listed on the website. However, this compensation also facilitates the provision by Banks.com of certain services to you at no charge. The website does not include all financial services companies or all of their available product and service offerings.
×