How to Get a Bigger Tax Refund

As a general rule, deductions reduce your taxable income and tax credits reduce your tax bill. Tax credits are a dollar-for-dollar reduction of your tax liability, while some deductions require you to reach a certain threshold before you can deduct.

Taxpayers can choose to take either the standard deduction or itemized deduction, depending on which will give them the biggest tax advantage. If the taxpayer has a lot of medical care, property tax, mortgage interest, state and local taxes, or charitable donations, he or she is better off itemizing especially if the expenditures exceed the standard deduction.

Some deductions that are often overlooked are:

Car mileage used for business, medical, or charitable purposes
Alimony payments
Classroom expenses
Moving expenses when relocating for a new job
Self-employment tax
Self-employment health insurance
Job search expenses

The following tax credits may help to reduce your tax bill:

Earned Income Tax Credit for working, low-income people
Education Tax Credits for educational expenses
Child and Dependent Care Credit for childcare expenses or care for a disabled person who is unable to care for himself or herself
Child Tax Credits for each qualifying child in the household
Energy Tax Credit for homeowners
Hybrid Car Tax Credit

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