Tax Return Refund

Most Americans can expect a tax refund this year. By-and-large, most working people will fill out form 1040 and wait patiently for a reply from the IRS.

But if you’d like a little extra incentive to get your taxes done this year, and perhaps add a few deductions along the way, then we can help.

In this post, we’ll give you some often overlooked tax tips and provide you with some direction for an easy and lucrative year.

• Consider an increased or decreased withholding on your W4. Whether you selected 0, 1, or more on your W4, changes how taxes are removed from your paychecks. Reducing the number of exemptions will increase your refund.
• Make sure that your filing status is accurate. If you are unsure, talk to a tax specialist about what the correct status is for you. Single, head of household, married filing separately or jointly, for example, changes how your taxes and deductions are figured.
• Deduct familial obligations, like dependent care or associated costs. Also, consider talking to a tax preparer about how to deduct particular family and personal healthcare costs. Even the smallest change can dramatically increase your refund.
• If you are unsure where to start, speak to a tax professional about using current tax law as a means to increase your refund. By talking to a tax accountant now, instead of waiting until next year, you can set up a system to monitor current tax laws and keep a close eye on how they affect you.
• If you missed the boat this year, set up some tax planning measures next year by talking to a tax professional or by using an applicable tax software program. Every little bit helps when it comes time to file your taxes.

For more information on how we can help you with all of your tax related needs, contact us today.

A&B Accounting and Business Solutions, LLC offers a full accounting service that meets all your needs. We offer small business accounting services nationwide as well as medium business accounting services.  Outsourced accounting services is becoming very popular nationwide since many business owners do not have the time and patience to keep up with the daily transactions their businesses generate.  We have over 15 years experience doing accounting and can help you focus on your business while we take care of your books and financials.