How can I save more money on taxes or get a bigger refund?
- The two things that immediately come to mind are either purchasing a home or having children. Of course while these are all personal preferences, you must logically take into account the difference in tax benefits regarding each. With a home you may deduct mortgage, property tax and also have the ability to claim residential energy credits with regards to energy saving home improvements such as solar panels, geothermal heat pumps, etc. With children, you can potentially get EIC (Earned Income Credit) if your income falls between a certain threshold. You also may write off daycare expenses as well as school tuition if they go to a private school. Child tax credit is another benefit, which currently will net you up to $1,000 credit per child. So as you can see there are several different benefits to each options, and this isn’t taking away from your ability to do both.