On April 15th, you'll want to get the biggest tax refund you can. "We're finding that our average refund today for a couple we're preparing tax returns for is a little over $2,000 so that's pretty substantial," says John Russell, with the Advisors Group.
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He says the best way to maximize your refund is to maximize your deductions. For example, this year, you're can now receive money back on retirement. "This is a substantial credit. It can be anywhere from 10% to 50% of what they put in up to $2000. It can be a great credit and I'm sure some people are gonna overlook it this year."
If you looked for a new job, you can deduct up to 36 cents for each mile your traveled on that search. "If you're running all over maybe you drove to Dallas to look for a job that mileage is deductible as well as your resumes, postage, long distance calls. All of those things you do in a job hunt can be deductible expenses," says Russell.
From keeping to date on deductions to exemptions, taxes can be overwhelming. But help is a radio dial away. John Russell and his colleague David Bowlin are the hosts for the Advisors Group, a weekly radio talk show on AM 580 KRFE. "The purpose is to educate and we always talk about some educational format in taxes or finance saving money or retiring," says Russell.
The advisors group puts on a weekly radio show especially during tax season to give listeners free tax advice, information and get their questions answered. "I think it's good to have a show like this just because people that would not call somebody maybe not because they can't afford to call somebody but they just never get around to it and just on a spur of the moment they'll call in and get a question answered that can have a significant impact on them," says Russell.
You can tune in to the advisors group radio talk show each Wednesday morning at 8:30 on AM 580.