Increase your Tax Refund & Follow these Proven CPA-Backed Tips
Tax season is officially here, and it can feel overwhelming, but what if we told you that a few simple changes could put more money in your pocket? Many taxpayers miss out on extra cash because they don’t know the best tax strategies. In this guide, we’ll show you expert-backed ways to maximize your tax refund and keep more of your hard-earned money.
If you're hoping for a bigger refund, now is the time to make smart financial moves. Many taxpayers leave money on the table simply because they aren’t aware of all the deductions, credits, and strategies available to them.
At Cherie Sayban CPA, we help individuals and small business owners navigate the complex world of tax preparation, ensuring they keep as much of their hard-earned money as possible.
If you want to increase your tax refund this year, follow these proven CPA-backed tips and strategies.
1️. Claim Every Deduction You Qualify For
A tax deduction reduces your taxable income, meaning you pay taxes on a lower amount. The more deductions you claim, the bigger your potential refund. However, many taxpayers miss out on valuable deductions simply because they don’t know what’s available.
Here are some of the most commonly overlooked tax deductions:
Student Loan Interest Deduction – You can deduct up to $2,500 of student loan interest, even if you don’t itemize your taxes. This applies to both you and a spouse if you file jointly.
Medical & Dental Expenses – If your medical expenses exceed 7.5% of your adjusted gross income (AGI), you can claim a deduction for the amount that exceeds that threshold. Keep receipts for doctor visits, prescriptions, medical equipment, and even mileage driven to medical appointments.
Home Office Deduction – If you’re self-employed and use a dedicated space in your home exclusively for work, you can claim a portion of rent, mortgage interest, utilities, and internet.
Charitable Contributions – If you donated money, clothing, or other items to a qualified charitable organization, you can deduct the value of your donation. Keep records and receipts for any donations over $250.
Job Search Costs – If you’re looking for a job in your current field, expenses such as résumé services, job placement fees, and even travel for interviews may be deductible.
Work-Related Education Expenses – If you took courses to improve your job skills, you may be able to deduct tuition, books, and supplies.
💡Pro Tip: Keep track of deductible expenses throughout the year. The more organized you are, the easier it will be to claim deductions when tax season rolls around.
2️. Take Advantage of Tax Credits (These Are Even Better Than Deductions!)
Unlike deductions, which reduce your taxable income, tax credits provide a dollar-for-dollar reduction on your tax bill. That means a $1,000 tax credit reduces your taxes by $1,000—making them incredibly valuable.
Some of the most lucrative tax credits include:
American Opportunity Tax Credit (AOTC) – This credit covers 100% of the first $2,000 in qualified education expenses (tuition, books, supplies) and 25% of the next $2,000, for a total of up to $2,500 per student.
Earned Income Tax Credit (EITC) – Designed for low- to moderate-income earners, this credit could be worth up to $7,430 for the 2023 tax year, depending on your income and the number of dependents you have.
Child Tax Credit – Parents with qualifying children under 17 can claim a $2,000 tax credit per child, with $1,600 refundable for 2023.
Residential Energy Credit – If you installed energy-efficient windows, doors, insulation, or a solar energy system, you could qualify for a credit covering 30% of the cost of these upgrades.
Electric Vehicle Tax Credit – Buying a new or used electric vehicle? You may be eligible for up to $7,500 in tax credits.
3️. Contribute to Retirement Accounts (And Lower Your Taxable Income!)
One of the smartest legal tax-saving strategies is to contribute to a pre-tax retirement account.
Traditional IRA Contributions: Contributions (up to $7,000; $8,000 if you’re 50 or older) may be tax-deductible, reducing your taxable income.
Health Savings Account (HSA) Contributions: If you have a high-deductible health plan (HDHP), contributing to an HSA can reduce your taxable income and provide tax-free withdrawals for qualified medical expenses.
📌 Bonus: Many of these contributions can be made until April 15 and still count for the previous tax year!
4️. Adjust Your Withholding for a Bigger Refund Next Year
Do you always owe money at tax time? Or do you get a smaller refund than expected? If so, you may need to adjust your W-4 withholding with your employer.
Increasing your withholding means more money is taken out of each paycheck, leading to a bigger refund at tax time.
Decreasing your withholding allows you to keep more money throughout the year instead of waiting for a refund.
💡 Pro Tip: Use the IRS Withholding Calculator or talk to a CPA to fine-tune your withholdings for your financial situation.
5️. File Early and E-File for a Faster Refund
Want your tax refund faster? Here’s what you need to do:
File Early: The earlier you file, the faster you’ll get your refund. Plus, it helps prevent identity theft—fraudsters can’t file in your name if you’ve already submitted your return!
E-File Your Return: Paper tax returns can take weeks or even months to process. E-filing speeds up processing and ensures accuracy.
Set Up Direct Deposit: Paper checks take longer, but direct deposit gets your refund to you faster—usually within 21 days.
Final Thoughts: Don’t Leave Money on the Table!
A bigger tax refund starts with smart planning and taking advantage of all available deductions and credits. Whether you’re a parent, student, homeowner, or business owner, there are plenty of opportunities to reduce your tax liability and get the most out of your return.
Tax time doesn’t have to be stressful! By following these tips, you can maximize your refund and avoid leaving money on the table. If you’re unsure whether you’re taking full advantage of your deductions and credits, we’re here to help. Contact Cherie Sayban CPA today for expert tax planning!
About the Author
Cherie Sayban is a certified public accountant. She has over 25+ years of experience in Finance, Accounting and Bookkeeping.
Cherie Sayban CPA provides various financial and accounting solutions to small and mid-size businesses. Our portfolio includes: tax preparation, payroll preparation, accounts receivable and payables, general ledger, and QuickBooks . Our bookkeeping workshops are offered both in-person and virtually.
To learn more about how Cherie Sayban CPA can help you and your business, click HERE
#AccountingTrends2025 #SmallBusinessSuccess #TaxPlanningTips #1099Compliance #AutomationInAccounting #FinancialSuccess #Cybersecurity #SustainabilityReporting #CPAAdvice #CherieSaybanCPA #BusinessFinance #SmallBusinessOwners #TaxStrategy #FinancialManagement #EntrepreneurshipTips
Let’s Connect
To learn more about Cherie Sayban CPA's website finance services, how we can help grow your business through social media or even strategize with you on some ideas to better manage your businesses finances. Visit us at www.CherieSaybanCPA.com