When filing your taxes, it’s important to complete the paperwork properly and to submit all of the necessary documents so that you can get an accurate tax refund. There are certain tips that will help you get a bigger refund, so make sure you keep the following information in mind:

Take Advantage Of The New Tax Benefits Available This Year

2020 was a challenging year for many, and everyone was impacted financially to some extent. As a result, relief measures were put in place to help people deal with the effects of COVID-19, and you may be able to apply for these new tax benefits. This year is very different from previous tax seasons, so make sure you look into the tax benefits provided by Coronavirus relief measures because these can increase your refund or lower the amount you have to pay.

Claim The Friend Or Relative You’ve Been Supporting

If you have been taking care of a friend, significant other, or family member, you might be able to claim this person as a dependant. There are rules when it comes to this, and not everyone will qualify, but you may be eligible, and the deduction is legitimate if your friend lived with you the entire year and did not provide more than half of their own support and did not earn more than a certain amount in taxable income.

Consider Refundable Tax Credits

This is something many people forget about, but a refundable tax credit may allow you to have a credit beyond your tax liability. Believe it or not, many taxpayers fail to claim this credit even though they are eligible for it, so make sure you are not one of these people because you will be losing out on a credit you are entitled to.

Contribute To Your Retirement

This option comes with a number of benefits, so make a contribution to your IRA because this will help you get a bigger refund. You may also qualify for the saver’s credit in addition to this deduction, so there are multiple benefits involved and several reasons why you should contribute to your retirement.

Take Above-the-line Deductions

This type of deduction will allow you to reduce your taxable income without having to itemize. Not everyone is eligible, but if you do qualify, the reduction to your taxable income could help you get a bigger advanced premium tax credit if you received help to pay for health insurance.

If you’re looking for a bigger refund, Florida Global Consultants can help! We offer tax and bookkeeping services and will help you maximize your tax refund this year. We also offer a number of other services to help with the different needs of every client, so if you require a real estate agent or immigration consultant, we can assist you in these areas as well. If you are in Miami, give us a call to find out more about our services!