how do you get a larger tax refund?

Question

i don't know what i can deduct is there a listing of deductions for south carolina. i always feel like there is is alot i can claim but i don't know what, i feel like i'm not taking advantage of it fully we donate quite a bit, any help greatly appreciate it

a friend of mine told me she gave over 5 thousand dollars in donations and her tax preparer told her it has to be at least 10 thousand dollars or more to even make a difference in getting a good refund i have never heard of that before

Answer 1

Re the accountant's comment that your friend's donations have to be at least $10,000 to count:

To itemize deductions, your total has to be over the standard deduction for your filing status. For married filing joint, that's $10,300 this year. If your total contributions plus any other itemized deductions add up to more than than, then you'd save by itemizing. Contributions to a qualified organization can be deducted even if you only gave $1, but you'd have to have other deductions (state income taxes, home mortgage interest and property taxes, and a number of other deductions) to save any taxes due to the contributions.

Deductions for federal taxes don't depend on your state. You can find them in the instructions for 1040 schedule A. You can download that at irs.gov

Answer 2

There are quite a few items you can deduct on your schedule A itemized deduction form. Mortgage interest, donations (if over $250, make sure you have receipts), state tax paid OR sales tax, medical insurance and bills that exceed 7.5% of your income, unreimbursed employee expenses, etc. Go to www.irs.gov and read the directions for itemized deductions. Good luck

Answer 3

I claim 0 deductions and have an extra $50 a month taken out and then at tax time.....refund!

Answer 4

I even have 0 debt..different than my loan and this year i recover from $10k refunded. My spouse and that i are ecstatic because of the fact for the final 8 years we've paid $4-5k a year. together as i do no longer only like the belief of a great refund regularly, i seem at this year as an exception. We bigger our withholdings lower back in the hopes of final the hollow of years previous yet we did no longer ingredient in the added based (new infant) and our earnings decreased slightly putting us in a decrease tax bracket. additionally, we found out some substantial capital losses. optimistically next year we are going to deliver it close to to 0 yet we are delighted. Plus, if I had that money all for the period of this year i could have invested it or spent it. Now in this economic gadget i will only save it.