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1 Apr 2011 By Bibey

Tax Software and your Refund

18 Feb

How to use tax software to get a bigger, faster refund.

Do you constantly owe the IRS additional money with your final tax return? Would you like to receive a refund for once in your life? If so, you have to make some changes. Chances are that you are missing out on a refund because of the choices you make throughout the year.

To start, consider how much money you are withholding from your paycheck every month. Simply put, if you pay more in taxes during the year you have a better chance of getting a refund when everything is said and done.

What about deductions and credits? By using these you can effectively lower your adjusted gross income. In turn, you will not owe as much tax.

Using tax software can increase your chance of receiving a refund. Applications, such as TurboTax Deluxe with e-file, reference a database of 350+ deductions and credits in search of any that you may qualify for. In short, there is a chance you have been missing out on deductions and/or credits that you are eligible to claim.

Also, when you use tax software to electronically file your return you are going to receive any refund much faster than you would by filing a paper return. E-file, coupled with direct deposit, can result in your refund being delivered within 7-10 business days.

If you want to receive a refund this year, as opposed to owing more money, use tax software.