The tax resource website now offers five tips on increasing one’s tax refund for the upcoming 2016 tax season, with insight on refunds from H&R Block Online.
October 20, 2015 — Tax preparation specialist and author Frank Ellis has posted five tips for increasing tax refunds in 2016, on the National Tax Reports website. Explaining that planning, research, and forethought are important, the author reveals H&R Block Online can help maximize refunds. For one, taxpayers can write on form W-4 how much federal income tax to withhold from their salary. There are many key points made about allowances to claim.
The fewer allowances claimed, the more tax withheld and the lower the paycheck. Doing this, the author explains, results in a larger tax refund. The author then lists a few ways to increase refunds.
Taxpayers can pick from five filing statuses allowed by the IRS. They can figure out the best option using TurboTax. The earned income tax credit can be claimed as well. This reduces the amount of income taxes owed and sometimes qualifies an individual, family, or business owner for a tax rebate, according to Ellis. He also suggests having a legitimate social security number along with a few valid points such as U.S. residency and not being a claimed dependent or child.
The Dependent Care Credit is discussed as well. This is based on how much is paid for the care of an eligible child/dependent. The author lists a few points about eligibility and additional criteria one must meet to claim the credit. These are extremely important because they represent the status that qualifies one for the deduction.
For more details on increasing tax refunds in 2016, read the National Tax Reports article at http://nationaltaxreports.com/5-ways-to-increase-your-tax-refund-for-2016/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
National Tax Reports
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