What Factors Can Affect Your Tax Refund? | Tax Services Beverly Hills

What Factors Can Affect Your Tax Refund?

Tax filing is complicated for most, and professional tax services in Beverly Hills often become necessary. You must consider several factors for the tax season. It will help understand how each can affect the amount you refund. Here are some factors you must look into.
‍Life Events
Your hired tax preparer will investigate a few things, such as your marital status, if you have children, or if anything significant happened this year.
One of the best ways to get an accurate preview of your tax amount is to fill in your basic info before filling out the tax forms.
You may be tempted to go past it into your other income, but not doing so is better. The answers to your basic information questions will help you identify which tax deductions and credits you might qualify for.
It might help you find the tax breaks you can claim, making the filing process easier and increasing the possibility of saving money.
‍Filing Status
If you use an application for tax services Beverly Hills, entering the basic information will suggest the best tax filing status. You may choose from the following:
● Single
● Head of household
● Married filing jointly
● Married filing separately
● Qualifying surviving spouse (QSS)
In some cases, you may qualify for more than one status. In this case, a tax expert can suggest you the ideal status for the most benefits.

Dependents
‍ This will be part of your basic info section. A dependent is someone relying on you financially. It is usually either your qualifying child or a relative. However, your spouse cannot be a dependent. Here is a look at who can qualify as a dependent:
● Your eligible child who is less than 19 (or under 24 years old if they are a full-time student)
● If your child is entirely or permanently crippled, regardless of age,
● Additional qualified kin (stepchild, sibling, parent, etc.)
The dependant might not also:
● More than half of their financial support is made available
● Couples should file a combined tax return.
Numerous tax benefits may be available if you list dependents as tax dependents. You may be eligible for certain tax deductions and credits, which we can help you find later if you list dependents in your Basic Info area.
Imagine that you and your spouse both work during the week while your children are in daycare. If so, you could be able to claim the Child and Dependent Care Credit, which can cover up to 25% of your legal daycare costs. For two or more qualified dependents, you are eligible for a maximum credit of $2,100 on up to $6,000 in expenses. Therefore, we will question you about childcare expenses if you list dependents in your basic information. You may also be eligible for additional child-related tax advantages.
These are just two instances of how adding dependents to your tax return could improve your refund.

‍Conclusion
‍ Get expert tax services in Beverly Hills to prepare and file tax returns. Follow the above-mentioned factors to ensure easy tax filing.