Here are the essential tax deductions and credits to know about for a bigger refund.
Transcript:
ANDY PHILLIPS: So the way that people can get the maximum refund possible is to make sure that they really understand their situation, because taxes are super personalized and so are tax benefits. So you want to know what applies to you. For instance, you may be eligible for certain credits, like maybe you, your spouse, or one of your dependents has gone to college. You may be eligible for an education credit. Maybe you bought a home or you started a business. Let’s talk about that for a minute. If you’re a business owner, you want to make sure you’re taking advantage of every single deduction, whether it’s equipment for your business, expenses you’ve paid for a home office, or certain retirement contributions can be deducted against your business income because you only want to pay tax on the amount that. After you take out all of those, what we call tax deductible expenses.
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