In the months leading up to the April tax deadline, millions of Americans take the time to get their taxes in order in the hopes of maximizing their refund. It’s not just money, it’s a vacation, a shopping spree, a home renovation or a nest egg, based on who you ask. For those willing to put in a little extra work, carefully going over your claims and deductions will ensure that you get everything you’re owed in your refund check.

We’ve prepared a list of things to think about that will help you maximize your tax refund this year.

  • Review your withholdings: This is something that anyone should be able to do at any time of the year. While it’s too late to affect your taxes this year, consider this for your 2017 return. Ask your employer to change your W-4 form, and bring down the amount of exemptions that you’ve claimed so that more money is withheld from your paycheck, ultimately increasing your refund.
  • Contribute to your retirement: Did you contribute to your 401k, IRA or other retirement account? Depending on your tax bracket and amount that you’re contributing, you stand to benefit in more ways than one.
  • Claiming dependents: If there’s someone you’ve been financially supporting, like a friend, relative or partner, it’s possible to get up to $4,000 deducted from your income from a dependent exemption.
  • Deducting donations: If you have donated to charitable organizations, colleges, community groups, or other 501(c)(3) tax-exempt organizations, you are eligible to deduct up to 50% of your taxable income in charitable contributions.
  • Itemizing your deductions: There are countless potential deductions that can be itemized, but some significant deductions include:
    • Property taxes on your home, car or other property
    • Mortgage interest
    • Medical and dental expenses
    • Deductible taxes
    • Professional expenses (cell phone, computer, union dues)
  • Refundable tax credits: Many Americans neglect to claim eligible tax credits each year. A refundable tax credit is a dollar-for-dollar reduction to your tax liability, directly subtracting from the amount of taxes that you owe. These credits include:
    • Additional Child Tax Credit
    • Earned Income Tax Credit
    • Health Coverage Tax Credit
    • Small Business Health Care Tax Credit
  • Deductions for your home business: If you are self-employed and working from home, you may be eligible to deduct portions of your home expenses that are being used exclusively for your business, such as your internet or phone bill, or even a percentage of your mortgage or rent based on the square footage of your work space.
  • Take advantage of above-the-line deductions: Also known as adjustments to income, an above-the-line deduction is one that the IRS lets taxpayers subtract from their gross income when calculating their adjusted gross income, or AGI, for the tax year. These deductions include such items as paid student loan interest, reimbursed moving expenses, alimony payments, educational expenses, and losses on a property sale.

Knowing how to efficiently maximize your tax refund takes experience and an ability to understand all the nuances of the tax code. Call the professionals at Preziosi Nicholson at (856) 794-8400 for assistance in preparing your taxes this season.