What is a legit way to get the most money back in your tax return?
I have a daughter now 5 months old, and no reason to owe.
2007-01-26 05:06:42 · 5 answers · asked by Ether Fumes 5 in Business & Finance ➔ Taxes ➔ Other - Taxes
I do taxes at Jackson Hewitt. Make sure you ask about the NEW Credit the IRS is giving for LONG DISTANCE on the phone bill's ($50) and if you rent make sure you claim your rent as an expense ( it needs to be over $3,000.) Also you can claim ANY other person living with you as long as it is a NEICE, PARENT, GRANDCHILD, or FOSTER CHILD. ALL of this is legal. As far as claiming someone else. I know you wont get the EIC (Earned Income Credit (mostly for kids)). But you wont be taxed on all your income either. For every person living in your home you dont get taxed for 3,000.00 In other words, you get 3000. tax free for everyone who lives with you, and this will put you into a lower tax bracket. That 3000.00/extra person. IS an EXPENSE!! NOT money in your pocket than can be taxed!! GET IT!?!
2007-01-26 17:57:16 · answer #1 · answered by ? 3 · 0⤊ 0⤋
If when you do your return, you don't owe any taxes or owe very little, you'll get back most or all of what you paid in. Depending on your income you might be eligible for the earned income tax, which could give you more back than you paid in.
2007-01-26 13:27:57 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
Prepare your taxes, or have them professionally prepared and see what your status is. Make sure you look into the Earned Income Credit and Child Tax Credit if you are eligible for them.
2007-01-26 13:27:57 · answer #3 · answered by Shelley 4 · 0⤊ 0⤋
to return back as much as posibl is to take an advise from here
2007-01-27 05:23:40 · answer #4 · answered by Judy C 1 · 0⤊ 0⤋
claim as many legitimate deductions as you can. There are many that people forget about like charitable donations (e.g., cash, clothing, mileage for your church, etc...). Things can add up.
2007-01-26 14:56:48 · answer #5 · answered by Dizney 5 · 0⤊ 0⤋