How to Maximize Your Tax Refund in 2019

by Lendup

If you are a typical working American with a full-time job, then taxes are most likely your biggest expense.  In fact, in 2017, American taxpayers paid over a trillion dollars in state and local taxes and over $3 trillion in federal taxes!

Interestingly, not all of this money ends up in Uncle Sam’s pockets and a lot of it goes back to the tax payer. While tax refunds may be smaller this year due to changes in withholding amounts, most taxpayers get a refund every year, with an average refund amount being as much as $2,000 or more per individual taxpayer in most states.

Believe it or not, some taxpayers don’t claim their annual tax refund. In 2018, the IRS posted on their site they had $1.1 billion worth of unclaimed refunds waiting to be claimed by their rightful owners.

Why would anyone miss out on their tax refund? The simple answer could be a lack of awareness and the complexity of the tax system, according to a NerdWallet 2018 tax study.

It’s no surprise that most Americans make simple tax preparation mistakes and find the whole tax preparation activity just too confusing. In 2017, for instance, as many as 97 million Americans paid their hard-earned cash for filing a tax return despite the fact that they were eligible for a free tax return program that allows anyone making under $66,000 a year file their taxes for free! Servicemembers and their families can often take advantage of free tax preparation services at their Installation's legal office.

Luckily, you don’t need to pay Uncle Sam more than your fair share this year! This infographic will give you a few basic tips that can help anyone maximize their annual tax refund.

Here's another basic tip: Create the simplest of financial plans by taking the Pledge at Militarysaves.org. Build wealth, not debt and start your journey to financial success.

LendUp is a socially responsible direct lender on a mission to provide anyone with a path to better financial health. We are a safer alternative to traditional short-term loans with no hidden fees or roll-overs and we offer the opportunity to build credit through the LendUp ladder for those who qualify.

 How to Maximize Your Tax Refund

 

Tip of the Day

  • Written by | April 17, 2014

    Check out these "6 Tips to Help Reduce Credit Card Debt" at http://t.co/kPuiEOOyGA

Saver Stories View all »

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

Read more...

Involving Kids in Family Finances

Written by | April 19, 2019

 

One of the best lessons we can share with our kids is about money. By middle school, kids should have a good understanding of how money works as well as the importance of saving.

Read more...

When You Start Small, Saving is Easy

Written by Lila Quintiliani | August 12, 2019

When Attiyya first got married, she and her Marine husband had just graduated from college and were focused on paying off student loan debt. They had both attended private schools and had sizeable loans. Then three months after the wedding, the couple found out they were pregnant with their first child.

The first year of their marriage, says Attiyya, was a balancing act between paying down debt and saving for the future.

Read more...