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Year-End Tax Tips to Maximize Your Refund

Owe IRSThe time is upon us. Tax season is in full swing and millions of Americans are looking at how they can avoid paying more than they owe or even looking at how to boost their refunds. There are a number of things that anyone can do to try and reduce their tax liability. Here’s a look.

 

  1. Reconsider your filing status. If you are married, you, like most couples, will probably file jointly. That may not always be the most advantageous filing status. While filing separately will require more work, it may result in a higher refund than if you file jointly. If you or your spouse spends a lot of time traveling with a job, there may be traveling expenses that can help to maximize a refund.
  2. Make the maximum contribution to your IRA. If you haven’t opened an IRA, do so by April 15th and invest the maximum amount. Your IRA contribution reduces your taxable income and, ultimately, your tax liability.
  3. Timing is everything. You can increase the likelihood of a larger tax refund by paying your January mortgage payment in December of the previous year. Doing so adds the interest paid to your previous year’s mortgage interest deduction. You can do the same with health exams and treatments to raise your medical expense deduction. Paying your property taxes on Dec. 31 might give you the necessary deductions to itemize and receive a larger refund.
  4. Educate yourself on tax credits. Too many people do not claim the earned income tax credit (EITC). If you work and meet the guidelines, you might be eligible to receive the credit even if you do not have kids. Those with college-age children need to learn about the American Opportunity Tax Credit as well as the Lifetime Learning Credit.
  5. Understand tax deductions and use them. Keeping track of your business travel may be the difference in a larger refund. Any gas, toll, or parking receipts can support your claim and allow for miscellaneous deductions, which can raise the amount of your refund. Charitable deductions can also help your refund. Always get a receipt for your donations and use your charitable giving to reduce your tax liability. Moving is also something that can help boost a tax refund since all moving, storage, and travel expenses are deductible.

 

Following these five tips or any of them individually can help anyone reduce their tax liability and ultimately lead to a higher tax refund. If you find you cannot reduce your tax liability and owe the IRS money, consult Embassy Loans for a car title loan, a short-term loan that can help you pay your tax bill.



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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

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Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.