Families come in all shapes and sizes—and so do the tax credits that families can claim at tax time. But no matter what, we can probably all agree we'd like the biggest income tax refund allowable. So it's important to make sure you're taking advantage of every deduction, credit, and exemption allowed to you and your family. Some of the more common ones are:
- The standard deduction
- Child tax credit
- Student loan interest
- Medical expenses
Beyond the common deduction, credit and exemptions, here are three simple tips in getting ready to start your return:
- Get organized with the help of a checklist. Track down all of the tax information that you will need to file to ensure that you don't make any mistakes.
- Communicate. If you use a CPA to do your taxes, start looking now rather than waiting until the last minute. You want to make sure that your tax preparer puts the adequate time and effort into your tax return.
- Plan for Next Year. While you may not have closed the books yet on 2016, it's time to start addressing your tax planning for 2017.
Those should be enough to get you started! But there are potentially even more at your disposal. No matter what you use that refund for—college savings, retirement accounts, bills—make sure you get every dollar that's available to you when you file. Then visit Popular Direct to check out the ways we can make that tax refund money work even harder for you by opening a savings account online.
We get it—you're busy! But Popular Direct makes saving easy. You can snap a picture of your tax return check using your mobile device and choose to save even faster with automatic transfers. Watch this year's tax return grow with email and text account alerts. Then you could buy yourself a 3D TV, save for an exotic vacation, flip a house or start a college account for your kids! Apply online to check out the ways our great interest rates can make that tax refund money work even harder for you.
The information mentioned in this article is for informational purposes only, is intended to provide general guidance and does not constitute legal or tax advice. Each person's situation is unique and may materially differ from the information provided herein. You should seek the advice of a financial professional, tax consultant and/or legal counsel to address your specific needs before any financial or other commitments regarding the issues related to your situation are made. Popular Bank does not make any representations or warranties as to the content contained herein and disclaims any and all liability resulting from any use of or reliance on such content.