Tax refunds are up from last year—here are 4 ways you can get more money back via CNBCMakeIt
div > div.group > p:first-child"> For the week ending Feb. 22, although fewer people received a refund when compared to the year before, the average refund check that did go out was worth $3,143, according to the IRS. That's a 1.3 percent increase compared to the same time last year.
Other common tax credits include the Earned Income Tax Credit , which helps those with low-to-moderate incomes; the Retirement Savings Contributions Credit; and credits to cover educational expenses.If you're married, filing jointly won't automatically earn you the largest possible return. A"marriage penalty" can affect couples when tax-bracket income thresholds, deductions or other credits aren't doubled for married filers.
Although the new tax laws eliminated the issue for many taxpayers, it still could affect you depending on where you live and how much you and your partner earn. "Say you're earning $50,000 a year," Andrea Coombes, a tax specialist at NerdWallet, explains."If you qualify for a deductible contribution and you can put in $5,500, the maximum in 2018 if you're under age 50, that will drop your taxable income to $44,500. If your top tax rate is 22 percent, you're shaving $1,210 off your tax bill, and you're saving for retirement, too.
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