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Tax season can be an intimidating time. With so much information that needs to be provided in order to claim back what is rightfully yours, the entire process can be quite overwhelming. The more assets you have in your name, the more complicated things become. Furthermore, if you are self-employed, you know that your tax return will most likely indicate that you owe some money to the federal government.
The good news is that there are companies and tax advisors whose mission it is to assist you in receiving the biggest refund possible. These tax champions aren’t short on advice about how to maximize the amount you can get back from either your state’s government or the federal government.
If you are looking to get the most out of your refund this year, here are a few things to ask yourself before filing this tax season.
Are You Paying to Have Your Taxes Filed?
For individuals with multiple holdings and assets, there really isn’t an option in terms of whether or not to enlist the services of a tax professional. These professionals charge a fee for their services, and depending on how much work is required for everything to be completed accordingly, this fee could be quite hefty.
If you have a simpler financial situation, you might be throwing money away by paying a professional to do your taxes. The growing use of the e-filing system is making the process of filing your tax return quicker and more secure than doing so by mail. Certain approved tax preparation software companies can provide this service to taxpayers who meet certain requirements.
In essence, if your income amounts to less than $65,000 a year, then you might be eligible to file your taxes for free. Since the majority of people choose to pay for their tax filing service out of their final refund amount, filing for free can increase the overall amount of your refund check.
If you aren’t under the income threshold for free e-filing, there are still ways to cut down the cost of doing your taxes. For instance, there is a turbotax service code that you can apply when you use Intuit’s software that will save you some money on your e-file.
Have You Chosen the Right Filing Status?
When you are getting ready to start filing your taxes, one of the first questions that you are asked is about what filing status you wish to use. Some taxpayers might not have much of a choice when it comes to choosing their filing status, but others could stand to receive a significantly higher refund if they select their status wisely.
Those who might stand to see a significant difference in their refund as a result of their filing status tend to be married couples. Most married couples will benefit most by filing jointly, but there are certain scenarios in which filing separately can drastically impact your final result.
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