Brown, PC Brown, PC Tax Practice Group 888.870.0025
Call for an initial consultation
Call 888.870.0025

Income tax refunds: issues affecting timing and size

As tax season gets underway, concerns about possible delays in tax refunds remain. One reasons for this is the late date of the fiscal-cliff deal, which caused the IRS to delay until last week the date when it will begin processing tax returns.

But the concerns about refund delays go beyond the late state to the season. They also include the effect of additional computer checks that the IRS has instituted in efforts to detect tax refund fraud. Tax fraud involving identity theft has been a major problem in recent months.

Aside from delays, however, there is also another important question for each taxpayer who gets a tax refund. How large will the refund be?

Naturally, the tax planning considerations that affect refunds will vary somewhat for each taxpayer. Still, there are certain strategies that can apply to many taxpayers in seeking to maximize their refunds.

For starters, consider your approach to state taxes when claiming your federal tax deductions. Are you better off deducting you state sales tax or your state income tax on your federal return? Taxpayers get to choose the option that works best for them.

In state like Texas that does not have an income tax, the choice is clear. It makes sense to take advantage of this chance to write off your state sales taxes on your federal return.

It's also worth making sure you count up all of your contributions to charity. Make sure to include not only the big gifts, but the small ones as well.

Source: "Three Simple Ways to Get a Bigger Tax Refund," CNBC, Sharon Epperson, 1-25-13

No Comments

Leave a comment
Comment Information
Print this Page
Email Us For A Response

Request A Consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact Information

Brown, PC
500 Main Street
Suite 400
Fort Worth, TX 76102

Phone: 817-870-0025
Fax: 817-870-0515
Map & Directions