No one wants to pay more taxes than necessary, but the complexity of the code causes many taxpayers to leave money on the table. Having a professional help with your tax return can maximize your refund, potentially putting hundreds or even thousands of dollars back into your pocket. Below are a few tips for getting back as much as possible after filing.

How to Maximize Your Tax Refund

1. Check Your Filing Status

In most cases, choosing the filing status that corresponds to your marital status and living situation provides the most savings. However, in some cases, it makes more financial sense for married couples to file separate returns or claim “head of household” status if you qualify. For instance, medical and business expenses can be deducted only if they exceed a percentage of your gross income, so changing your filing status can reduce your liability.

2. Examine Your Expenses

The tax code is continually changing, with new deductions introduced and old ones phased out every year. For instance, if you purchased a home last year, you may be able to deduct mortgage insurance, interest payments, and a portion of your property taxes. If you have child care expenses some of them may also be deductible. You may even qualify for refundable credits that reduce your final tax bill.

3. Work With a Professional

Experienced accountants stay on top of all updates to the tax code and have the knowledge to maximize refunds. Before filing a tax return, your accounting professional will determine which credits and deductions you qualify for, evaluate your financial situation, and recommend steps for getting as much back as possible.

Since 1973, The Callen Accounting Group, PLLC has helped clients throughout Arkansas’s Twin Lakes region increase their refunds and lower their liability. Their team of highly trained CPAs exceed requirements for continuing education every year. Visit their website or follow them on Facebook to learn how they’ll take the stress out of filing tax returns, and call (870) 425-6066 to make an appointment today.