Are You Getting The Most From Your 2016 Tax Refund?

Tax season is here and we want to make sure you are getting the most from your tax refund! Take the following quick quiz from Bank of Internet USA to find out whether there are any tax credits or deductions that you should be taking advantage of when you file your tax return this spring. Click the YES or NO answer on each card to begin.

If you have children, do you pay for someone to watch them while you are at work?

YES
NO

YES

Start compiling those daycare and babysitter receipts! If you pay for childcare so that you can go to work, you may qualify for a tax credit.

NO

You probably don’t qualify for a childcare tax credit. Please continue to the next question.

Were you a homeowner in 2016?

YES
NO

YES

You may be to deduct a portion of the interest you paid on your home mortgage - up to $1 million in some cases!

House Keys

NO

You probably don’t qualify for a homeowner’s tax credit. Please continue to the next question.

Were you looking for a new job last year?

YES
NO

YES

You may be able to claim a tax deduction for printing costs for your new resume, fees for job search agencies, traveling expenses to meet with a prospective employer, and other costs related to your search for a new job.

NO

You probably don’t qualify for tax credits related to job-searching. Please continue to the next question.

Have you made a charitable contribution in 2016?

YES
NO

YES

You may be able to deduct contributions to nonprofit groups totaling up to $5,000.

Box of clothes

NO

You probably don’t qualify for a charitable contribution credit. Please continue to the next question.

Tax Roll

Were you enrolled in college last year or take a course to continue your education?

YES
NO

YES

There are three tax breaks that you may qualify this year! Research the Tuition and Fees deduction, Lifetime Learning tax credit, and the American Opportunity tax credit to see which provides you with the greatest benefit.

NO

You probably don’t qualify for an education tax credit. Please continue to the next question.

Did you pay down student loan debt this year?

YES
NO

Did you go green in 2016 and make your home more energy efficient?

YES
NO

YES

Select Energy Star appliances and home upgrades may be eligible for a tax credit of up to 10% of their cost. What about solar panel installations? You could be looking at a tax credit of 30% of their cost!

NO

You probably don’t qualify for tax credits related to energy efficiency. Please continue to the next question.

Have you put money into a traditional IRA this year?

YES
NO

CONGRATULATIONS!

It looks like you may be eligible for tax credits and deductions this year. Talk to your tax professional and ask them about:

It looks like you may be ineligible for these tax credits and deductions this year. Talk to your tax professional about additional deductions you may qualify for.
  • Child and Dependent Care Credit
  • Educational Tax Deductions and Credits
  • Home Mortgage Interest Deduction
  • Student Loan Interest Deduction
  • Deductions for Job Search Expenses
  • Home Energy Credits
  • Charitable Contribution Deduction
  • Traditional IRA Deduction

Want to maximize your tax refund next year?

Try opening a traditional IRA. Each year you are eligible to contribute up to $5,500 - $6,500 if you are 50 or older - to your traditional IRA. Those contributions can then be deducted from your taxable income the following year.