From paycheck to paycheck, the average American has to pay taxes, even on expenses that they won't end up using. Nonetheless, when tax refund season rolls around, it's easy to become excited. After all, this will provide you with the opportunity to get the most out of your taxes, ultimately allowing you to secure spending money. Here are the tax refund do's and don'ts provided by Robert Jain that will have you coming away with a few extra dollars in your pocket.
DO start as early as possible. Tax refund season only lasts so long, which is why it's important to begin this process as early as possible. Reputable names in finance like Bob Jain will agree, especially as this provides you with the opportunity to get your information together. You won't have to worry about missing a vital piece of insurance, for example, if you begin early. This will help you get the most out of your return.
DON'T overlook expenses through your work. Did you have to drive a certain number of miles on company time? Did you once have to pay for printer paper, out of your own pocket, so that your office wouldn't run short? These are just a few examples of work-related expenses that you stand a chance of writing out when you do your refund. Ergo, you'll be able to come away with a more sizable return by the end of the process.
DO make note of any charitable donations you give. For many people, giving money to those less fortunate is a goal. However, if you end up giving too much money, it may appear to others that you're simply giving more so that you can earn a bigger tax refund. To prevent any complications during the refund process, keep records of the donations that you've given during the past year. Otherwise, it may look like you're simply trying to get more money through an inflated method.
DON'T forget to learn from your mistakes. No matter how organized you may be, there's a possibility that you still won't get the most out of your tax refund as you would like. Don't let this deter you, however, as it may serve as a learning opportunity for years to come. Maybe you forgot a particular form. Perhaps it was a matter of starting too late. Whatever the case may be, learning from one's mistakes goes a long way.
DO start as early as possible. Tax refund season only lasts so long, which is why it's important to begin this process as early as possible. Reputable names in finance like Bob Jain will agree, especially as this provides you with the opportunity to get your information together. You won't have to worry about missing a vital piece of insurance, for example, if you begin early. This will help you get the most out of your return.
DON'T overlook expenses through your work. Did you have to drive a certain number of miles on company time? Did you once have to pay for printer paper, out of your own pocket, so that your office wouldn't run short? These are just a few examples of work-related expenses that you stand a chance of writing out when you do your refund. Ergo, you'll be able to come away with a more sizable return by the end of the process.
DO make note of any charitable donations you give. For many people, giving money to those less fortunate is a goal. However, if you end up giving too much money, it may appear to others that you're simply giving more so that you can earn a bigger tax refund. To prevent any complications during the refund process, keep records of the donations that you've given during the past year. Otherwise, it may look like you're simply trying to get more money through an inflated method.
DON'T forget to learn from your mistakes. No matter how organized you may be, there's a possibility that you still won't get the most out of your tax refund as you would like. Don't let this deter you, however, as it may serve as a learning opportunity for years to come. Maybe you forgot a particular form. Perhaps it was a matter of starting too late. Whatever the case may be, learning from one's mistakes goes a long way.