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Maximize Your Tax Refund
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The tax deadline is fast approaching, and if the Internal Revenue Service is hanging onto some of your money it’s time to get it back!
Even if you end up owing money to the government, there are ways to reduce your liability.
ORGANIZE
“The best thing someone can do is be organized,” says Sherif Boctor, a certified public accountant and managing principal at PSG Certified Public Accountants in Roseville. Boctor says keeping track of and organizing receipts is the best way to make sure nothing that might be a tax write-off slips through the cracks and gets lost – costing you money on your tax return.
DEDUCT YOUR DONATIONS
Charitable donations are often overlooked, but can help lower your tax liability. “Lots of things people may have taken to Goodwill or another charity over the year can be written off,” Boctor says. “They need to make sure they place a value on it, and get a receipt.” Some items are no longer tax-deductible including used underwear, and those who put cash in a church donation box can’t claim it anymore, unless they have a receipt. “The best thing to do is to write their church a check,” Boctor says.
