Four Tips to Maximize Your Tax Refund in 2020
Did you know that here at Media Mall, we have 17 businesses across a number of marketing and support services industries? With everything from web development to online advertising, and video production to cloud accounting services, we specialize in putting together the experts your business needs to create your own dream team. We’ve been polling our business leaders to bring you expert advice, and since we’re coming up on tax time, this month we’re bringing you four tips to help maximize your refund in 2020, from Numetrica.
Maximize Your Tax Refund in 2020: Keep Your Receipts
Create a Dropbox or Google Drive folder to save all of your receipts – not only does this ensure you have them all come tax time, but you can easily share this with your accountant, too. Receipts for everything from eye glasses, massage therapy, prescription medications, and even grocery receipts if you have a specific dietary requirement (like a gluten allergy) are all important to hold on to.
Maximize Your Tax Refund in 2020: Track Your At-Home Hours
If you’re an employee and your employer asks you to do some work from home evenings, weekends, or even during work hours, you can claim deductions. Have your manager sign a T2200 Declaration of Conditions of Employment. Home office and other expenses you can claim may include:Interest on your Mortgage, Insurance, Utilities, and Travel.
Maximize Your Tax Refund in 2020: If You’re Self-Employed, Use an Accountant
Numetrica has been able to find an additional $4,000 for our self-employed clients. You are able to deduct all costs that are associated with running your business, and many often get missed: cell phone, home office, car expenses, etc.
A cloud accounting system like QuickBooks Online can make a self-employed person’s life much easier come tax season. Numetrica sets all of their clients up on this platform, saving hours of work on both sides.
Maximize Your Tax Refund in 2020: Get The Credits You’re Owed
A first-time home buyer can qualify for a $5,000 credit, with a potential refund value of $750 and can be used every 5 years. It’s also possible to recover missed credit on this one, so if you’ve recently purchased a home (even if it wasn’t this year) Numetrica may be able to help you get it this year.
Many credits exist like this – it’s important to ensure you’re getting all of the ones you’re owed.
If you have more questions about accounting or other marketing and business services offered at Media Mall, contact our co-founder Tony today!
