Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

What Is the Average Tax Return for a Single Person?

Sure, being single and Filing your Individual tax return may not net as much as a couple with dependents, but single people have ways to capitalize on a higher tax return. It may seem like Uncle Sam has all the odds stacked against a single person unless they’re the owner of a major corporation. However, contributions to your local church can give single people filing a return a tax break. A free tax calculator will help you estimate your individual 1040, W-99, and more. Your individual taxes will increase the more money you began to earn from your employment. 
Are you wondering what your neighbors are getting on their tax return? Remember, every individual will be have a different monetary amount, but their all based on the same deductions. For example, if you pay your federal, state, and social security deductibles you will receive a tax return. The only difference between you and your neighbors tax return under similar conditions is their penalties, dependents, deductions, or tax breaks. However, the average tax return for someone employed with no dependents is $7,500. You can pay for a summer vacation, catch up on some bills, save money, invest, or treat yourself to something nice.

How Can A Single Person Get A Higher Return

If you get your individual taxes filed by a professional, tell your tax preparation specialist that you’re interested in the maximum refund possible. They should have expertise in tax breaks and other credits that will contribute to maximizing your individual return. Beginners should avoid filing their taxes online to avoid costly mistakes. Document your yearly contributions, deductions from work related expenses, even moving expenses for individuals with the popular Quick Book application. Fortunately, before you file your individual return you can get help from a tax advisor through the IRS to avoid reducing the amount of your return or experiencing penalties.

The head of household can file under the Earned Income Credit (EIC) tax break and get a significant individual return. There are many credits that most people aren’t aware of like a Energy Savings credit that allows you to upgrade your household appliances to energy efficient government approved models and get up to $5,000 in credit. The main goal is to get a satisfactory return as an individual. Get rid of the myth that people filing single returns don’t get as much as, other individuals filing their taxes.

William Doonan is a tax law and legal expert in Bronx, NY.




This post first appeared on William Doonan | Tax Law Attorney, please read the originial post: here

Share the post

What Is the Average Tax Return for a Single Person?

×

Subscribe to William Doonan | Tax Law Attorney

Get updates delivered right to your inbox!

Thank you for your subscription

×