The 2018 tax filing season begins January 29th. There have been several changes to this year’s taxes, so go ahead and take a look at your taxes now.
Certified Public Accountant, D. Mark Holman, said, “A lot of people that in years past will itemize deductions, now, because they’ve changed the standard deduction to $24,000 for a married couple, they won’t itemize deductions on a federal return.”
There are some things you can still do to help increase your refund, like bundling expenses.
“If you’re borderline on that $24,000, you’re going to be better off to bunch your deductions, for better words, you’d probably be better to go every other year on giving big contributions to the church,” said Holman.
Pre-paying spring college tuition before the new year can be used to determine an education credit.
Another tip, donate to qualified charitable organizations before the end of the year.
“If you have medical bills and you pay those, that might be a good year to make extra charitable contributions that you intend to make some day, you might go ahead and make those in that year so that you get it all in one year,” said Holman.
If you aren’t planning on spending a lot on donations or other expenses, Holman says it’s better to save and pay taxes on your money rather than give it away to save a small amount on tax returns.