Increasing your tax refund

By Hannah Horne - bio | email

COLUMBIA, SC (WIS) - It's hard to believe that we are just weeks away from wrapping up 2010, and that means it's time to talk to taxes.

There are three things you can do now to increase that refund or at least decrease the amount you owe.

According to Bob Meighan, a CPA and Vice President of Turbo Tax, invest in making your home energy efficient. "The energy credit is worth up to $1500, but that expires at the end of the year," says Meighan, "So, if you're going to insulate or replace windows or attics, do so now before the end of the year."

The second piece of advice is donating to a charity. "Donating to charity is good for your community and good for your bottom line," says Meighan, "Don't forget, you can donate cash but also clothes, furniture and those can be written off."

The third and final suggestion is to think ahead to your retirement. "If you have a 401k, it will help your nest egg and get you better positioned at tax time," says Meighan.

These are simple steps that may cost you now but save you later.

The average refund is $3,000. Remember to file electronically and your refund could get to you in less than two weeks.

Copyright 2010 WIS. All rights reserved.