Learn From Your Tax Return

What You Can Learn From Your Tax Return for Next Year

When it comes to filing taxes, you learn something new every year. Hopefully, you’ll figure out a better way to accomplish it each time. Perhaps you’ll come up with a novel way to file that saves you time. Maybe you’ll figure out how to get the most out of your tax refund or how to owe less money the next time around.

Whether you’ve already filed your taxes for the year or are intending to do so soon, here are some of the most important lessons it can teach you about tax preparation so that next year will be easier.

The Tax Breaks You Can Get

On your income tax return, you can claim a number of tax deductions. You may have taken all you can this year, or you may have forgotten a few, but it’s too late now. In any case, you can be sure to claim them the next time you file. The student loan interest deduction, the American Opportunity tax credit, an IRA deduction, medical expense deduction, mortgage interest deduction, and the state and local tax deduction are all possible tax deductions.

The student loan interest deduction, the American Opportunity tax credit

How Much of a Refund Will You Get?

You can calculate how much of a refund you would get if you intend to be in the same employment or make the same amount of money as a freelancer or business owner next year. Even so, you could earn a bigger refund next year if you use Equity Taxation’s My Tax Plan, which could increase your refund by over $200. To use this essential service, all you have to do is file your taxes with Equity Taxation.

How Much Money Could You Owe Next Year?

You might be able to see how much you’ll owe the IRS in addition to calculating how much of a refund you’ll get next year.

You might be able to see how much you'll owe the IRS in addition to calculating how much of a refund you'll get next year

If you’re staying in the same work or expecting to make the same amount of money and accept the same credits and deductions, this applies. It won’t be exactly the same because your expenses may vary over the year and you may be able to claim more deductions.

The Best Ways to Make Filing Easier

Assume you failed to segregate your business and personal costs this year, and you were forced to hustle at the last minute to figure out where your money went. You now know that having a separate company credit card or bank account where you spend money solely on your business is a good idea to plan for next year. Keeping track of spending with a spreadsheet is another possibility.

Examining the various deductions you’ll be able to claim next year is another approach to make tax preparation easier. If you’re deducting business interest, for example, figure out how much interest you paid at the end of the year before submitting your taxes.  If you have a home office, calculate how much space it takes up in your home. Also, if you drive a company vehicle, keep track of how many miles you drive so you can deduct it from your tax return.

Filing in a Better Way

It shouldn’t be difficult to file your own taxes. You may wish to discover a more expedient approach to file after completing your taxes this year. Whether you do it yourself or hire a tax professional, you want to discover a method that is both simple and cost-effective. Thankfully, Equity Taxation can handle all of your filing requirements.

Using Equity Taxation for Filing Your Taxes

Equity Taxation provides a variety of filing alternatives. You may be eligible for free tax preparation, or you can choose from our Deluxe, Premier, or Self-Employed e-filing options. If you require help from a CPA, EA, or tax specialist, you can e-file with Xpert Help.

Using Equity Taxation for Filing Your Taxes

Simply go to Equity Taxation and select the plan that best suits your needs. Then you’ll be ready for this year, next year, and the years ahead.