The anticipation of receiving a refund makes tax season a bit less stressful. Whether it’s paying down credit card debt or stashing away savings towards buying a home, the extra funds always come in handy. Even better, there are a number of ways for tax return filers to increase their chances of getting a larger refund.

Filing Your Tax Return: How to Get a Bigger Refund

1. Assess Your Filing Status

The filing status you use on your tax return may help increase the amount of the refund. For instance, married couples who file jointly are generally more likely to get a larger amount because of the tax credits they receive. Ensure you are using the correct filing status, and ask an accountant if you’re not sure which is best.

2. Change How Much Is Withheld

When new employees are hired, they complete a W-4 form that indicates how much will be withheld from their paychecks. The calculation is typically determined by the number of exemptions listed. If more are listed, less is withheld. To increase your chances of getting a bigger refund, let your employer’s human resources office know you want to list fewer exemptions on your W-4.

3. Deduct Dependent Care Costs

If you enroll your child in day care, you can deduct the expense on your tax return. The same is true if you cover the care costs for your elderly parents. Including these expenses as deductions may also increase the amount of your tax refund. Keep the receipts of all related costs so you can accurately tally everything up and ensure your records are complete.

4. Bump Up IRA Contributions

Making contributions to an individual retirement account (IRA) is another popular strategy for boosting a tax refund. Generally, the more you contribute, the less your income is subject to taxes and the more you can expect to receive back. Keep in mind, there’s an annual limit on how much you can put in the account. There are also certain deadlines filers must meet to make their contributions.

By taking a few proactive steps, you can increase the amount of your tax refund. The experienced team at Selph and Friday, CPA in Texarkana, TX, is your trusted source for expert tax return preparation. Let the specialists help you uncover benefits that could reap dividends. To schedule an appointment, call (903) 792-0281. Visit the website to learn more about the firm’s suite of services.