I’m a Successful Entrepreneur: 7 Tax Tricks To Maximize Your Refund
Written by
Laura Beck
Edited by
Rebekah Evans
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
If you’re looking to hang onto more of your hard-earned money this tax season, you’ve come to the right place. Top financial experts share their insider strategies for maximizing your tax refund — including some surprising tricks that most people often overlook. Let’s get to saving.
Start With Home Office Deductions
“Most folks leave money on the table because they don’t dig deep enough into the tax code,” explained Arron Bennett, chief financial officer (CFO) at Bennett Financials. “One big one is home office deductions. If it’s a dedicated workspace, you can write off a portion of your rent, mortgage, utilities — heck, even your internet bill.”
Think Beyond Cash Donations
Bennett pointed out a commonly missed opportunity. “I’m not just talking about cash. If you’ve donated clothes, furniture or even old electronics, you can claim those too,” he said. So if you’ve taken a trip to Goodwill lately, make sure to save that receipt.
Maximize Your Retirement Contributions
Putting money into your retirement accounts doesn’t just help you in retirement — you can also reap some rewards now. “You have until April 15, 2025, to maximize your contributions to a traditional IRA or HSA,” explained Thomas Brock, chartered financial analyst (CFA), certified public accountant (CPA) and expert with Annuity.org. “With an IRA, you can contribute up to $7,000 for the year ($8,000 for those age 50 and older).”
Keep Your Books Tight
“Scaling a business requires disciplined financial management,” said Swapnil Shinde, CEO of Zeni.ai. His advice? “Keep track of every dollar spent and earned, ensuring resources are allocated efficiently.”
Look Into Advanced Strategies
Bennett highlighted some lesser-known opportunities. “Start thinking like high-net-worth individuals. They leverage tax laws in ways most CPAs never touch. One of the big ones is setting up trusts — it’s not just for estate planning.”
Stay Proactive Year-Round
“The best strategy? Be proactive, not reactive,” Bennett said. “Most taxpayers scramble when tax season hits, but the key to maximizing your refund is to plan throughout the year.”
Don’t Miss New Credits
“Keep an eye on changes to the Child Tax Credit,” Bennett explained. “The amount you can claim has increased significantly and even if you didn’t earn much income, you might still qualify for part of it.”
Don’t Rush It
Bennet shared that perhaps the most important thing to remember is to not hurry through the process. “Don’t rush,” she added. “The most common mistakes happen because people wait until the last minute.” Taking time to plan and organize can make a significant difference in your refund.
More From GOBankingRates
