Expert tips to possibly increase your tax return
For some, tax season is even better than the holidays. Instead of spending money on gifts and family gatherings, you may be looking forward to getting a sudden boost to your bank account from your tax refund. And everyone likes to see their bank account balances increase, right? Here are five tips that could potentially increase the amount of money you get back this year. Spoiler alert: These tax tips are even more magical than Santa’s sleigh.
1. File your taxes for free
We all need to file our taxes, it’s a fact of life. But one way to boost your refund is by avoiding high-priced tax filing services. This year, MoneyLion members are able to file their taxes for FREE — our treat. We’ve partnered with online tax expert TaxSlayer to offer their Classic package at no cost (a $17 value)! Simply use code: MAR19MoneyLion-Plus. Good through March 31, 2019. Start filing for free today.
2. Invest in yourself
When you get your tax refund, consider investing in your future. Here at MoneyLion, we want to see you succeed, and we’re willing to reward you for it. Now through April 15, MoneyLion members will get 1,000 points for every $500 they invest in their MoneyLion Investment Account. Rewards points can be redeemed for gift cards to over 15,000 merchants, including Walmart, Amazon, and Target. Learn more in the MoneyLion app.
3. Pay off your debt
Owing money to the IRS can put a real damper on tax season, If you do owe money, consider paying off any outstanding debts. Though this may mean you end up paying more on your taxes this year, it could be good for you in the following years and may reduce or eliminate accruing interest. You may also choose to work with a specialist or tax professional who can help you manage any debt owed to the IRS.
4. Maximize your retirement contributions
You may be able to increase your tax refund by maximizing your retirement contributions through a pre-tax 401k or traditional IRA. These types of contributions lower your taxable income, which means you could pay less in taxes today. You’re able to make contributions for the previous year through April 15. So if you haven’t filed last year’s taxes yet, you may still have time.
5. Evaluate your filing status
Regardless of whether you’re single or married, you should consider your filing status. This may have a significant impact on your tax refund. Although many married couples choose to file jointly, there may be situations where filing separately is a better option.
For example, if you own a business and file as an individual, you may be eligible for credits or a refund based on your business expenses. It may also make sense to incorporate your side business to take advantage of additional deductions. You should always consult a tax professional to best evaluate all of your filing options.
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Please note that the discount will be applied after the promo code is entered during checkout. Neither MoneyLion nor any of its affiliates are tax professionals or qualified to give tax advice of any sort. You should make an independent evaluation or consult with a tax professional to determine whether TaxSlayer is appropriate for your particular tax situation.
MoneyLion Plus or Core members in good standing will receive 1,000 points for every $500 they deposit into their MoneyLion Investment Account between February 25, 2019, and April 15, 2019. Reward points will be added to your MoneyLion account by May 15, 2019. The investment deposit amount must remain in your MoneyLion Investment Account through the reward payout date (May 15, 2019) in order for you to receive your points. Rewards points do not expire as long as you have a MoneyLion account in good standing. MoneyLion reserves the right to review all deposits for eligibility, and we may discontinue this promotion at any time. Any fraudulent or other suspicious activity will void any rewards points earned and may also result in account suspension or cancellation.
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