While tax season probably isn’t your favorite time of year, it can potentially provide a substantial return that can help you move forward with your goals. However, refunds aren’t always consistent, and you might not know how much you’ll receive. Fortunately, with the help of an accountant, you can file the correct forms and maximize the refund. The following tips will help you get started.

3 Tips to Help Maximize Your Tax Return

1. Claim a Friend or Relative

Those who are currently supporting a loved one may have the opportunity to claim them as a dependent. Nonrelatives can be claimed if they’ve lived with the supporting party for the entire year and pay for less than half of their living expenses.

The individual also can’t earn more than $4,200 in taxable income to qualify. Relatives, on the other hand, don’t have to live with their financial supporters as long as they meet the other two requirements.

2. List All Deductions

Deductions have direct effects on your tax return, providing monetary compensation for any qualifying expenses. Business travel, for example, is a popular deduction that requires the receipts for any flights, car rentals, hotels, and meals you had to pay for while on the job.

Student loan interest is another common deductible, especially if your parents take care of the payment. The IRS will see this as a gift and provide a partial refund.

3. Highlight Tax Credits

Credits are available to reduce the amount of income tax that you owe. For example, the Earned Income Tax Credit compares the amount of the credit with the tax amount. If the first number is greater than the second, you could be eligible for a refund. The Child and Dependent Care Credit provides support for those working or looking for work and have to provide care for their children or a disabled spouse.

To ensure you’re ready for the upcoming tax season, work with Corey C. Davis, CPA, in Kerrville, TX. As a certified public accountant and licensed attorney, he’s well-versed in all aspects of federal, state, and local tax law. He has provided quality tax return help for more than a decade and is highly recommended for his personalized approach. Learn more about his services by visiting his website. Call (830) 257-8800 to schedule an appointment with this accountant.