Tax season is an opportunity to reclaim some of your hard-earned money, but many taxpayers leave valuable deductions and credits on the table simply because they aren’t aware of them. At JLW Tax & Bookkeeping in Springfield, IL, we specialize in helping individuals and businesses maximize their tax refunds by applying expert strategies and thorough financial planning. With over 30 years of experience, our team knows the ins and outs of tax laws and can help you uncover savings that you might otherwise miss. Whether you’re looking for deductions, credits, or smart financial planning tips, our professionals are here to ensure you get the best refund possible this tax season. Below, we’ve compiled five expert tips to help you maximize your tax refund and keep more money in your pocket.
Take Advantage of Every Possible Tax Deduction
One of the most effective ways to maximize your tax refund is by ensuring you claim all eligible deductions. Deductions lower your taxable income, reducing the amount of tax you owe. Some common deductions that many taxpayers overlook include medical expenses, student loan interest, job-related expenses, and state and local taxes. If you own a business or work as an independent contractor, you may also deduct expenses such as home office costs, mileage, business supplies, and professional development courses. Keeping detailed records of your expenses throughout the year can help ensure you don’t miss out on these valuable deductions. At JLW Tax & Bookkeeping Services, we’ll help you identify every deduction you qualify for, making sure you get the largest tax refund possible.
Maximize Tax Credits for Additional Savings
While tax deductions reduce taxable income, tax credits provide a dollar-for-dollar reduction of your tax liability, making them even more valuable. Some of the most beneficial tax credits include the Earned Income Tax Credit (EITC), Child Tax Credit, and the American Opportunity Credit for education expenses. If you’re a homeowner, you might also qualify for energy-efficient home improvement credits. Many taxpayers miss out on these credits simply because they don’t realize they’re eligible. For example, the EITC is available to low- and moderate-income earners, but a significant percentage of eligible individuals fail to claim it. At JLW Tax & Bookkeeping Services, we’ll carefully review your situation to ensure you receive all available credits, boosting your refund significantly.
Contribute to Retirement Accounts and Health Savings Accounts (HSAs)
Another effective way to increase your tax refund is by making contributions to tax-advantaged accounts such as a 401(k), Traditional IRA, or Health Savings Account (HSA). Contributions to these accounts reduce your taxable income, meaning you’ll owe less in taxes while also securing your financial future. If you have an HSA, you can contribute pre-tax dollars to cover medical expenses, and these contributions roll over each year, offering long-term savings. Additionally, retirement contributions may qualify for the Saver’s Credit, providing even more tax benefits. If you haven’t maxed out your contributions before the tax deadline, it’s not too late—many retirement contributions can still be made for the previous tax year up until the filing deadline. Our tax professionals can help you determine the best contribution strategy to lower your taxable income and maximize your refund. Contact JLW Tax & Bookkeeping for professional tax preparation today.
Organize Your Financial Records and File Accurately
One of the biggest mistakes taxpayers make is filing incomplete or inaccurate tax returns, which can lead to missed deductions, delayed refunds, or even IRS audits. Keeping organized financial records throughout the year ensures you don’t overlook any income, expenses, or deductions when it’s time to file. This includes saving receipts, tracking charitable donations, maintaining mileage logs, and keeping records of business or educational expenses. Using tax preparation software or working with a professional accountant can help you file a complete and accurate return, avoiding costly errors. At JLW Tax & Bookkeeping Services, we take the stress out of the tax season by carefully reviewing all your financial records, ensuring accuracy, and identifying all possible ways to increase your refund.
Consider Itemizing Instead of Taking the Standard Deduction
Many taxpayers automatically take the standard deduction without considering whether itemizing their deductions could yield a higher refund. While the standard deduction is a straightforward way to reduce taxable income, those with significant medical expenses, mortgage interest, charitable contributions, or state and local taxes might benefit more from itemizing. The key is to calculate and compare both options to see which provides the greatest tax benefit. Itemizing requires keeping detailed records, but the extra effort can result in substantial savings. At JLW Tax & Bookkeeping Services, we help our clients determine whether itemizing is the best strategy for maximizing their refund. Our experienced accountants analyze your financial situation to ensure you take full advantage of the best option available.
Rely on JLW Tax & Bookkeeping Services to Get You the Maximum Refund This Year
Maximizing your tax refund requires a strategic approach, careful record-keeping, and knowledge of ever-changing tax laws. Whether it’s claiming every deduction, maximizing tax credits, contributing to retirement and health savings accounts, keeping organized records, or choosing the right deduction method, these strategies can significantly increase the money you get back. At JLW Tax & Bookkeeping Services, we have over 30 years of experience helping individuals and businesses in Springfield, IL, get the best possible tax refund. Don’t leave money on the table—call 217.679.1872 to schedule an appointment with our expert accountants and let us help you get the refund you deserve!
