Are you expecting a refund this tax season? While many people shudder as April draws nearer, others wait with anticipation to reclaim a portion of their tax payouts. For people with modest incomes and not many deductions, tax refunds may be small or non-existent. However, tax refunds can be sizable for tax payers who have several dependents, multiple incomes, self-employment expenses or few allowances. Want to know how much to expect from your tax refund? Take our quiz below and find out.
Knowing the ins-and-outs of the tax code is a huge asset when doing your taxes, especially given the number of deductions available. Students, low-income workers, single parents, veterans, renters and others are entitled to claim various deductions that can make refunds larger. Every year, scores of people file their tax returns without claiming their refunds. Filing your taxes online is the fastest way to get your refund, and numerous tax preparation programs can walk you through your possible tax deductions in the same way an actual accountant would.
Just remember to save all paperwork, receipts, bank statements and any other important documents used while preparing your taxes. Keep a journal of expenses throughout the year that go toward self-employment or occupational income. Before doing your taxes, run your information through a few tax refund calculators to get ball-park figures for what you'll get back from Uncle Sam. Getting a few comparisons can be helpful when it's actually time to do your taxes. In the meantime, take our quiz and see whether you might expect a big refund.