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Are you expecting a bigger tax refund in 2019?
Well, you are probably expecting right. If you refer to the recent tax changes, you will be glad to know that the tax refund that you are hoping to see might credit in your account this year.
Itemized Deduction 2019
Let us make you aware of a few itemized deductions that are likely to benefit you this year.
The most anticipated itemized deduction 2019 could be home mortgage interest. If you have scooped out a mortgage to purchase a home, the interest that you have paid for that loan will be levied.
So, in other words, you are getting a refund for your home loan because it is mostly refundable as it has a limit of up to $100,000 which is quite an exquisite thing to know.
Medical and Charitable Expenses
Did you know your medical and charitable expenses are deductible?
Do you remember being generous to someone by giving any of your asset on charity?
Well, great news, you can call them under the itemized deduction.
But, if you have contributed to some needy families, unfortunately, you won’t get a tax refund. Of course, you can be generous for the people you choose but if you donate to the families who are categorized under an organization, you will get a refund.
If your medical expense exceeds 10% of your current AGI which is 7.5% for people aged over 65, you are sure to get a tax refund. Cosmetic surgeries are not included in itemized deduction.
Single Filing Status is a Hit
Are you filing jointly after getting married?
Well, this might be the reason that you are not getting a good tax refund that you are expecting from years. It is always beneficial to file your tax individually. It will definitely take some good long time to go through the process but it will surely benefit you in great ways.
The joint return might save you some time but separate filing will save your tax return which is ultimately more beneficial. Also, if you are filing separately, tax reforms have offered another great benefit like the Child Tax Credit.
You can claim a complete credit doubled to $2000 if covered under $200,000 of AGI by separate filler which is an added bonus. If your mind hits you with a question, “How to calculate my tax refund?” our TurboTax customer support can guide you anytime with your desired questions hopping in your mind.
If you are looking out for any help to reach our TurboTax customer support phone number, it’s right on the upper corner in the right.
Contributions to HSA
If you have a Health Savings Account, expect a good tax refund in 2019. Contribute to HSA and you will meet a good refund. For this, you have to file your tax by April 15 for the previous year. With this, you can delight in a great tax return on your filing.
Contact us at our TurboTax support phone number and get help with itemized deduction 2019.
Be Credit Smart
Sponsor a child and you are likely to get an amazing tax refund which further depends on various parameters. Your credit will act as a great refund booster if you plan your expenses carefully. If you have integrated TurboTax in your system, you must add this and turn on notifications from TurboTax.
Having the right information is always an added bonus. Tax reforms change with a frequent period. Sometimes, they do offer great refunds and sometimes it doesn’t but being informed always adds to its benefits.
If you are wandering in your thoughts unknowing how to calculate your tax refunds or tax payments, reach directly at our TurboTax customer service number and we can help you. It is the simplest while you manage all your taxes; we guide you throughout the process without leaving a glitch.