Everyone wants to know how to get the largest tax refund possible. Failing to take the deductions and credits you’re entitled to could add up to thousands of missed dollars over the years.
With tax-filing season upon us, it should come as no surprise that people want the secrets to how to maximize tax refunds. The truth of the matter is that it’s actually not that difficult to maximize your refund if you know what to do. The experts at Porte Brown have put together a quick guide on getting the largest tax return possible, so simply follow these strategies when doing your taxes this year.
Everyone wants to know how to get the largest tax return possible. Failing to take the deductions and credits you’re entitled to could add up to thousands of missed dollars over the years.
With tax-filing season upon us, it should come as no surprise that people want the secrets to how to maximize tax refunds. The truth of the matter is that it’s actually not that difficult to maximize your refund if you know what to do. The experts at Porte Brown have put together a quick guide on getting the largest tax return possible, so simply follow these strategies when doing your taxes this year.
The child tax credit and the child and dependent care credit are major reasons many people receive large tax refunds. Anyone who cares for an elderly relative in their home or has children under the age of 18 may be entitled to a tax credit.
For the 2025 and 2026 tax years, the child tax credit is worth up to $2,000 per qualifying child, with up to $1,700 potentially refundable depending on income. Eligibility and phase-out thresholds depend on filing status and modified adjusted gross income.
The child and dependent care credit allows eligible taxpayers to claim up to $3,000 in expenses for one qualifying individual or $6,000 for two or more individuals. If you have a child under 13 or someone who is physically or mentally unable to care for themselves, you may qualify for this credit.
Finally, if you are divorced from your spouse, remember that only one parent may claim a child on their tax return. Dependents can only be claimed on a single return, with no exceptions.
The Tax Cuts and Jobs Act significantly increased the standard deduction, making it the best option for many taxpayers. For the 2025 tax year, the standard deduction is $14,600 for single filers and $29,200 for married couples filing jointly, with slight inflation adjustments expected for 2026.
However, if you have a more complex tax return or a higher net worth, itemizing may still result in a larger refund. When determining how to maximize your tax refund, it is essential to calculate your taxes both ways and choose the option that provides the greatest benefit.
For example, taxpayers with large mortgage interest payments or substantial charitable contributions may still benefit from itemizing deductions.
Many taxpayers are unaware that contributions to qualifying charities can reduce their taxable income. If you itemize deductions, you may deduct eligible charitable contributions made during the tax year.
Be sure to keep records and receipts for all donations, including cash and non-cash contributions, to ensure you can substantiate your deductions if needed.
Knowing how to maximize your tax refund requires experience and a strong understanding of current tax laws. Rules and regulations change frequently, and staying compliant can be challenging without professional guidance.
Hiring a tax expert is not something reserved exclusively for the wealthy. On the contrary, this is an investment that can save you thousands of dollars.
Mistakes happen, and the last thing you want is to get audited. Speaking to a professional not only ensures you are claiming everything you’re entitled to, but also not claiming credits and deductions that you don’t qualify for.
Get in touch with Porte Brown, one of the top accounting firms in Chicago, and meet the team. We’ll be able to go through your returns and maximize your tax refund using our in-depth knowledge and years of expertise.
Saving for retirement not only supports your future but can also reduce your taxable income. Contributions to a traditional IRA may be tax-deductible depending on income and participation in employer-sponsored plans.
For 2025 and 2026, the IRA contribution limit is $7,000, or $8,000 if you are age 50 or older. Contributions for a tax year can generally be made up until the tax filing deadline of the following year.
Tax credits are one of the most effective tools available when figuring out how to maximize your tax refund. Beyond the earned income tax credit and child tax credit, many lesser-known credits go unclaimed each year.
Examples include the adoption tax credit, the home office deduction for eligible self-employed individuals, and energy-related tax credits. While smaller individually, these credits can add up quickly.
Another commonly missed credit is the nonbusiness energy property credit. Eligible energy-efficient home improvements may qualify for a credit of up to $1,200 per year, with higher limits for certain upgrades.
Eligible students may claim education credits on their tax returns. The Lifetime Learning Credit applies to many forms of post-secondary education and is worth up to $2,000 per return. This credit is nonrefundable, meaning it can reduce your tax bill but will not result in a refund.
The American Opportunity Tax Credit applies to the first four years of post-secondary education. Taxpayers with a modified adjusted gross income under $80,000 if single or $160,000 if married filing jointly may qualify. Up to 40 percent of the credit, or $1,000, may be refundable.
Investing is essential for long-term financial growth, but poor timing can increase your tax burden. Long-term capital gains are taxed at lower rates than short-term gains when assets are held for more than one year.
Long-term capital gains tax rates remain 0 percent, 15 percent, or 20 percent for 2025 and 2026, depending on income. Strategically timing asset sales during lower-income years can significantly reduce the taxes you owe.
If you have a high-deductible health plan, an HSA can help lower your taxable income. Contributions made through payroll deductions are excluded from taxable income, and direct contributions are fully deductible.
For 2025, the HSA contribution limits are $4,150 for individual coverage and $8,300 for family coverage, with an additional $1,000 catch-up contribution allowed for those age 55 and older. Funds grow tax-free and can be withdrawn tax-free for qualified medical expenses.
Getting the largest tax refund available is difficult, and it’s easy to be confused. Let’s answer some of the most common questions from taxpayers about return amounts and how to maximize tax refunds.
Your refund is based on how much you earn, how much tax was withheld from your paycheck, and which credits and deductions you qualify for.
Changes in income, filing status, withholding amounts, or eligibility for certain credits can all affect the size of your refund. If you earned more income, had less tax withheld, or no longer qualify for certain credits, your refund may be lower than in prior years.
Also, remember that many tax credits are nonrefundable. Once the amount of tax owed reaches zero, you cannot receive the remaining portion of a nonrefundable credit as a refund.
It depends.
Generally, a tax refund represents an overpayment of taxes through withholding or estimated payments. However, some tax credits are refundable. If you owe little or no tax, a refundable credit can result in a refund that exceeds the amount you paid in.
The earned income tax credit (EITC) is one of the most valuable refundable tax credits available to eligible taxpayers.
The size of a “large” refund depends on your individual circumstances. Factors such as income level, withholding amounts, filing status, and the number of dependents claimed all affect your refund.
Rather than focusing on the size of the refund alone, it’s important to consider whether your withholding and tax planning align with your overall financial goals.
The IRS does not release information about the largest individual tax refunds in order to protect taxpayer privacy.
Refund amounts vary widely depending on income, withholding, and eligibility for credits and deductions.
There’s no getting around it: taxes are confusing. Naturally you want the highest return possible, but unfortunately there’s no easy way to do it. Maximizing tax returns requires careful strategy and intimate knowledge of the tax code as it stands today. Stay on top of your taxes with the support of Porte Brown.
A top accounting firm in Chicago, our accountants are experts in helping hardworking American taxpayers get the most from their returns. Get the professional advice and tax filing service you need and make filing your taxes a breeze. We also offer IRS audit help for those who need it.
To learn more about our services, contact Porte Brown today.
Get in touch today and find out how we can help you meet your objectives.
