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5 Hidden Ways to Boost Your Tax Refund

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • December 13, 2024 6:11 AM
OVERVIEW

Here are five tried-and-true ways to reduce your tax liability at tax time. Pay no more than you owe, or even increase your tax refund.

 


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Key Takeaways

  • Married Filing Separately can offer tax savings under certain conditions, including when one spouse has a large amount of deductible medical expenses. Filing separately may also make one spouse eligible for a larger Child Tax Credit.
  • Filing as Head of Household can result in a higher Standard Deduction and more favorable tax brackets than filing as Single, if you qualify.
  • Commonly overlooked deductions include those for state and local sales taxes, state income taxes, out-of-pocket charitable contributions (including mileage), and student loan interest.
  • Families with low-to-moderate incomes may qualify for an Earned Income Tax Credit worth up to $7,830 (tax year 2024), which is paid as a refund if you don’t owe any tax.

Boosting your tax refund

While Americans may disagree on how the government spends their taxes, at tax time, many of us are looking for ways to pay no more than we owe — or even boost our tax refunds. These strategies go beyond the obvious to give you tried-and-true ways to reduce your tax liability.

1. Rethink your filing status

One of the first decisions you make when completing your tax return — choosing a filing status — can affect your refund's size, especially if you're married. While approximately 96% of married couples file jointly each year, a joint return is not always the most beneficial option.

  • Married Filing Separately status often requires more effort, but the time you invest can offer tax savings — under the right conditions. For example, if one spouse has a lot of medical expenses, such as COBRA payments resulting from a job loss, computing taxes individually might allow for a larger deduction.
  • The Child Tax Credit is available to separately filing spouses. For 2024, the credit is $2,000 per child under 17 years old, and it can now be claimed by a separate filer with less than $200,000 in adjusted gross income (it's $400,000 for joint filers).

Choosing to file separate returns can have its drawbacks, such as losing certain deductions and credits available to joint filers. You'll need to weigh this carefully to maximize your refund potential. Also, both spouses must take either the Standard Deduction or itemize their deductions. You can’t mix-and-match between the two returns.

  • Calculating your taxes both ways will point you in the higher refund direction.
  • When you use TurboTax, we’ll do this calculation for you and recommend the best filing status.

Unmarried taxpayers who claim a qualifying dependent can often cut their tax bills by filing as Head of Household if they meet the requirements.

  • This filing status enjoys a higher Standard Deduction and more favorable tax brackets than filing as Single.
  • A qualifying dependent can be a child you supported financially and who lived with you for more than six months. Or, it can be an elderly parent you supported.

Many taxpayers who care for elderly parents don't realize they can claim Head of Household status. If you provide more than half your parent’s financial support — even if your parent doesn’t live with you — you can likely file as Head of Household.

2. Embrace tax deductions

Many deductions exist that you may not be aware of, and several of them are pretty commonly overlooked. The deductions you qualify for can make a significant difference on your tax refund. They include:

  • State sales tax – Using the IRS's calculator, you can determine how much of your state and local sales taxes you can deduct.
  • Reinvested dividends – This one technically isn't a deduction, but it can reduce your overall tax liability. When you automatically have dividends from mutual funds reinvested, include that in your cost basis. This way, when you sell shares, you might reduce your taxable capital gain.
  • Out-of-pocket charitable contributions – Big donations aren't the only way to get a write-off. Keep track of the qualified small expenses too, like ingredients for the yummy cake that you donated to the bake sale. You might find yourself surprised by how quickly a few charitable expenditures here and there can add up.
  • Student loan interest – Even if you didn't pay this yourself, you can take the deduction for it as long as you are the one who is obligated to pay. Under new guidelines, if someone else pays the loan, the IRS views it as if you were given the money and used it to pay the student loan. If you meet all of the requirements then you would be eligible for the deduction.
  • Child and dependent care – For 2024, up to $6,000 of qualifying expenses can be used for the Child and Dependent Care Credit.
  • Earned Income Credit, or EIC – This credit helps families with low and moderate income levels. It's meant to benefit working families with children. If you have three or more qualifying kids, the credit could be worth up to $7,830 for you for tax year 2024 — and could net you a refund even if you don’t have any tax.
  • State income tax paid on last year’s return – If you paid money on your state income tax return last year, you can add that to any other state and local taxes, up to a total of $10,000, and use it as an itemized deduction.
  • Certain jury duty fees – If your company paid you while on jury duty and your employer required you to hand over your jury duty pay from the court; you can claim the amount that you handed over as an adjustment to your income.
  • Medical miles - Subject to an overall AGI threshold for total medical expenses and worth 21 cents per mile in 2024. Qualifying unreimbursed medical expenses have to exceed 7.5% of your AGI to be deductible.
  • Charity miles - Fully deductible at 14 cents per mile in 2024. So, if you drove 50 miles per week to volunteer for a charity, that’s an additional $364 deduction:
    • 52 weeks/year x 50 miles/week = 2,600 miles you drove in a year
    • 2,600 miles x $0.14/mile = $364
 

It’s important to keep good records for your deductions especially when you don’t receive some type of receipt as with some charitable contributions and charitable or medical miles. Nothing fancy is required — even a spiral notebook in your glove compartment is fine. Make sure to keep track of:

  • date, miles and medical or charitable purpose of each trip
  • market value of any in-kind donations, such as clothing and household goods
  • dollars you spend in order to do charity work — for example, when you bake for a fundraiser the cost of your ingredients is deductible, but the value of the time you spent baking isn't

TurboTax Tip:

Traditional IRA contributions can reduce your taxable income, and you have until the tax filing deadline (unless it's delayed due to a weekend or holiday) to open or contribute to a traditional IRA for the previous tax year.

3. Maximize your IRA and HSA contributions

You have until the filing deadline (unless it's delayed due to a weekend or holiday) to open or contribute to a traditional IRA for the previous tax year.  That gives you the flexibility of claiming the credit on your return, filing early and using your refund to open the account.

  • Traditional IRA contributions can reduce your taxable income. You can take advantage of the maximum contribution and, if you're at least 50 years old, the catch-up provision can add to your IRA.
  • Although contributions to a Roth IRA don't give you a deduction, they still qualify for the valuable Saver's Credit if you meet income guidelines.
  • If you're self-employed, you have until October 15 to contribute to certain self-employed retirement plans, provided that you timely file an extension. If you don't file for an extension, the regular filing deadline for that year is the deadline for most contributions.

Pre-tax contributions to a Health Savings Account (HSA) can also reduce your taxable income. You can make these up until the filing deadline as well. Certain requirements must be met in order to open and contribute to an HSA:

  • You must be enrolled in a health insurance plan that has high deductibles that meet or exceed the IRS’s required amounts.
  • That plan must also impose the maximum annual out-of-pocket cost ceilings that meet the IRS’s limitations.

You won’t be able to participate in an HSA if any of the following are true:

  • you have other “first-dollar” medical coverage
  • you enroll in Medicare
  • you are claimed as a dependent on another taxpayer’s return

Read this article to learn more about HSA requirements and how these accounts work.

4. Remember, timing can boost your tax refund

Taxpayers who watch the calendar improve their chances of getting a larger refund. Look for payments or contributions you can make before the end of the year that will reduce your taxable income. For example:

  • If you can, make January's mortgage payment before December 31 and get the added interest for your mortgage interest deduction.
  • Schedule health-related treatments and exams in the last quarter of the year to boost your medical expense deduction potential.
  • This could be the time to make some charitable contributions — but make sure it’s a qualified charity and be sure to keep track of your expenditures in your records.
  • If you’re self-employed, look at any purchases you’ll need to make that can qualify for deductions. Buy things like office equipment and software before the end of the year to help boost your refund.
  • If you are able to claim the home office deduction, you can even deduct the cost of painting your home office if you want to start the new year with a fresh new look in your workspace.

5. Become tax credit savvy

Tax credits usually work better than deductions as refund boosters because they're a dollar-for-dollar reduction of your taxes. If you get a $100 credit, you get $100 off your taxes. Many Americans leave money on the table when it comes to claiming tax credits.

  • Did you know that 20% of eligible Americans don't claim the Earned Income Credit? If you meet the guidelines, you may be eligible for the EITC, even if you're single with no children.
  • If you have no qualifying children, the maximum credit amount is $632 for 2024.
  • If you have three or more qualifying children for the maximum credit jumps to $7,830 for 2024.
  • If you have kids, it also pays to claim the Child and Dependent Care Credit.

If you're a college student or supporting a child in college, you may be eligible to claim valuable education credits.

  • The American Opportunity Credit is refundable up to $1,000. This means you could receive as much as $1,000, even if you don't have a tax bill. The total credit is $2,500 per student and applies only to funds paid towards the first four years of qualified undergraduate higher education expenses.
  • If you're in graduate school or beyond, you may be eligible for the Lifetime Learning Credit. You can claim 20% of your qualified costs up to $10,000, or a maximum of $2,000 per tax return, depending on your income.

Tax credits for energy-saving home improvements can also keep more money in your wallet throughout the year and at tax time.

  • The credit for 2024 is up to 30% of the cost of certain qualified energy expenditures. That means if you installed solar panels at a cost of $20,000, your total credit is $6,000 in 2024.
  • Any portion unused in 2024 carries over to 2025.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • Smart Insights: Individual taxes only. Included with TurboTax Deluxe, Premium, TurboTax Live, TurboTax Live Full Service, or with PLUS benefits, and is available through November 1, 2025. Terms and conditions may vary and are subject to change without notice.

  • My Docs: Included with TurboTax Deluxe, Premium TurboTax Live, TurboTax Live Full Service, or with PLUS benefits and is available through December 31, 2025. Terms and conditions may vary and are subject to change without notice.

  • Tax Return Access: Included with all TurboTax Free Edition, Deluxe, Premium, TurboTax Live, and TurboTax Live Full Service products. Access to up to seven years of tax returns we have on file for you is available through December 31, 2025. Terms and conditions may vary and are subject to change without notice.

  • Easy Online Amend: Individual taxes only. With TurboTax Deluxe, Premium, TurboTax Live, TurboTax Live Full Service, or with PLUS benefits, you can make changes to your 2024 tax return online through October 31, 2027. For TurboTax Live Full Service, your tax expert will amend your 2024 tax return for you through November 15, 2025; after that date, TurboTax Live Full Service customers will be able to amend their 2024 tax return themselves using the Easy Online Amend process described above. TurboTax Free Edition customers may amend 2024 tax returns online through October 31, 2025. Terms and conditions may vary and are subject to change without notice.

  • #1 best-selling tax software: Based on aggregated sales data for all tax year 2023 TurboTax products.

  • #1 online tax filing solution for self-employed: Based upon IRS Sole Proprietor data as of calendar year 2024, for tax year 2023. Self-Employed defined as a return with a Schedule C/C-EZ tax form. Online competitor data is extrapolated from press releases and SEC filings. “Online” is defined as an individual income tax DIY return (non-preparer signed) that was prepared online and either e-filed or printed, not including returns prepared through desktop software.

  • 1099-Ks: Those filing in TurboTax Free Edition, TurboTax Live Assisted Basic or TurboTax Live Full Service Basic will be able to file a limited IRS Schedule 1 if they have hobby income or personal property rental income reported on a Form 1099-K, and/or a limited IRS Schedule D if they have personal item sales with no gain reported on Form 1099-K. Those filing in TurboTax Deluxe, TurboTax Live Assisted Deluxe or TurboTax Live Full Service Deluxe will be able to file a limited IRS Schedule D if they have personal item sales income reported on Form 1099-K. If you add other schedules or forms, or need to report other types of income on Schedules 1, D, E, F, or Form 4835 you may be required to upgrade to another TurboTax product.

  • 1099-K Snap and Autofill: Available in mobile app and mobile web only.

  • 1099-NEC Snap and Autofill: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). Available in mobile app only. Feature available within Schedule C tax form for TurboTax filers with 1099-NEC income.

  • Year-Round Tax Estimator: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). This product feature is only available after you finish and file in a self-employed TurboTax product.

  • Refer a Friend: Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Refer your Expert (Intuit's own experts): Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Refer your Expert (TurboTax Verified Pro): Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received. Each taxpayer's refund will vary based on their tax situation.

  • More self-employed deductions: based on the median amount of expenses found by TurboTax Premium (formerly Self Employed) customers who synced accounts, imported and categorized transactions compared to manual entry. Individual results may vary.

  • TurboTax Online Business Products: For TurboTax Live Assisted Business and TurboTax Full Service Business, we currently don't support the following tax situations: C-Corps (Form 1120) and entities electing to be treated as a C-Corp, Trust/Estates (Form 1041), Tax Exempt Entities/Non-Profits, returns that require more than 5 state filings, and other issues unrelated to the preparation of a tax return or unrelated to business income/franchise taxes. TurboTax Live Assisted Business is currently available only in AK, AZ, CA, CO, CT, DE, FL, GA, ID, IL, KS, MA, MD, ME, MI, MN, MO, NC, NJ, NV, NY, OH, PA, RI, SD, TN, TX, UT, VA, WA, WV, and WY.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for an additional fee, by TaxResources, Inc., dba Tax Audit. Audit Defense is included at no added cost with business returns filed with TurboTax Live Business (excluding Sole Proprietor). See Membership Agreements at https://www.intuit.com/legal/terms/ for service terms and conditions.

TURBOTAX DESKTOP GUARANTEES

TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee - Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back - Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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