There are several important factors to consider when filing your taxes ahead of the April 15 deadline. Recent IRS data shows that tax refunds are larger this year, with an average increase of 6.3%.
Gordon Tax tax partner Andrew Gordon joins Wealth host Brad Smith to explain that "one of the most significant credits or deductions is the child tax credit."
"If you had a kid during the year, you can get an additional $2,000 of credit for your taxes and up to $1,700 of this is refundable or will be paid directly back to you," he adds.
However, Gordon also points out that the 2018 Tax Cuts and Jobs Act is set to expire this year, which could change deductions going forward. Gordon recommends adjusting withholding if you’re getting a large refund, as "you’ve given the government an interest-free loan."
Watch the video above to hear more tips and insights from Andrew Gordon on maximizing your tax refund.
To watch more expert insights and analysis on the latest market action, check out more Wealth here: https://finance.yahoo.com/videos/series/wealth/
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