Now that tax season has passed, it’s time to start planning to ensure you get the biggest tax refund for tax year 2012.
1. Estimate your 2012 taxes now with our tax calculator
The easiest way to find out if you are on the path to the largest refund next year, is to simply enter your income and withholdings in TaxSlayer.com’s refund calculator. You just need to plug in your income and withholdings and the calculator will do the rest.
2. Don’t like what you see? Change your Federal withholdings with your employer
The easiest way to get a larger refund is to change your tax withholding from your paycheck. If you don’t like what the refund calculator has estimated, you should think about reducing your allowances either to 0 or as close to 0 as possible. If you do this, you will have more federal taxes deducted from your paycheck. In most cases, you will get the extra withholdings back when you file your 2012 tax return.
3. Clean out your closet!
Donations are a fast and efficient way to help you get a little extra back on your return. Go through your closet, attic, and storage building and turn your trash into someone else’s treasure. Take your donated clothing to Goodwill or The Salvation Army and claim your receipt. Now sit back and receive your treasure with possibly an extra deduction on your tax return.
Getting a larger refund requires planning, just like many other financial matters. Start planning for your refund today, by estimating it with our tax refund calculator.