{"id":16919,"date":"2024-12-11T12:34:04","date_gmt":"2024-12-11T17:34:04","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=16919"},"modified":"2024-12-11T13:43:05","modified_gmt":"2024-12-11T18:43:05","slug":"how-to-get-the-biggest-tax-refund","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/how-to-get-the-biggest-tax-refund\/","title":{"rendered":"How To Get A Big Tax Refund"},"content":{"rendered":"\n

The information in this article is up to date for tax year 2024 (returns filed in 2025).<\/em><\/p>\n\n\n\n

For most people, the highlight of doing their taxes is getting a big fat refund. This is money that can be used to pay off debt, boost your savings or treat yourself to something nice. According to the IRS<\/a>, the average refund in 2024 was $3,092. If you’re trying to figure out how to get the biggest tax refund, check out our tax tips.<\/p>\n\n\n\n

Understanding Tax Refunds<\/strong><\/h2>\n\n\n\n

What determines how big your tax return is?<\/strong><\/h3>\n\n\n\n

The size of your tax return hinges on several key factors, including your filing status, taxable income, and the number of dependents you claim<\/a>. Additionally, the tax credits and deductions you qualify for can significantly impact your refund. For instance, if you\u2019re eligible for the child tax credit, you could see a substantial increase in your tax return. Similarly, itemizing your deductions instead of taking the standard deduction can reduce your taxable income, potentially leading to a bigger tax refund. Understanding these elements can help you strategize and maximize your refund.<\/p>\n\n\n\n

How do tax returns work?<\/strong><\/h3>\n\n\n\n

When you file your tax<\/a> return, you\u2019re essentially reporting your income and tax payments to the IRS, which then calculates your tax liability for the year. The IRS uses this information to determine your taxable income, place you in the appropriate tax bracket, and calculate your total tax bill. If you\u2019ve overpaid your taxes throughout the year, you\u2019ll receive a tax refund. Conversely, if you\u2019ve underpaid, you\u2019ll owe taxes to the IRS. Your filing status<\/a>\u2014whether single, married filing jointly, or head of household\u2014also plays a crucial role in determining your tax liability and, consequently, your tax refund.<\/p>\n\n\n\n

Adjust Your Tax Withholding<\/strong><\/h2>\n\n\n\n

When you first started your job, you completed a W<\/a>-4<\/a> which told your boss how much taxes to withhold<\/a> from each check. Receiving a tax refund simply means you withheld and paid too much to the IRS, and now the government is giving you back your money.<\/p>\n\n\n\n

If you want to get a bigger tax refund, adjust your withholding by submitting a new W-4 to your employer. In other words, you\u2019ll want to claim less allowances so more taxes will be withheld from your pay. Keep in mind that although you\u2019ll get a larger refund at tax time, your paycheck will be smaller throughout the year.<\/p>\n\n\n\n

Increase Your Retirement Contributions<\/strong><\/h2>\n\n\n\n

A smart way to boost your refund is to save for retirement<\/a>. Increasing retirement contributions can lower your adjusted gross income<\/a>, thereby reducing your taxable income and potentially increasing your tax refund. Since traditional IRAs and 401Ks are funded with pre-tax dollars, any contributions you make will lower your taxable income dollar for dollar. As long as you don\u2019t exceed the contribution limit, you can sit back and watch the tax savings pile up. For 2024, the maximum you can contribute to a 401K<\/a> is $23,000 ($30,500 if you\u2019re aged 50 or older). Meanwhile, IRAs have a contribution limit of $7,000 ($8,000 if you\u2019re aged 50 or older).<\/p>\n\n\n\n

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Don\u2019t Take the Standard Deduction if You Can Itemize<\/strong><\/h2>\n\n\n\n

Don\u2019t automatically assume that taking the standard deduction<\/a> is the right choice for you. If your tax deductions and other deductible expenses exceed the standard deduction for your filing status, itemizing may be worth the effort.<\/p>\n\n\n\n

Standard Deduction Amounts for Tax Year 2024<\/strong><\/p>\n\n\n\n

Filing Status<\/strong><\/th>Standard Deduction<\/strong><\/th><\/tr>
Single; Married Filing Separately<\/td>$14,600<\/td><\/tr>
Married Filing Jointly & Surviving Spouses<\/td>$29,200<\/td><\/tr>
Head of Household<\/td>$21,900<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Here\u2019s a list of qualified expenses:<\/p>\n\n\n\n