With just over 3 weeks until the official end of tax season, Dave and I figured it was perfect timing to share one of our best tax refund tips — especially since we were pleasantly surprised with the extra-large refund we received for 2016!
You see, for so many years, we’ve had to write a big fat check to the government at the end of every tax season (thanks to my business). We knew it was coming so it was never a huge surprise, but let me tell you — it is ALWAYS more fun to get a big check at the end of the year than write a big check!
The reason we didn’t have to write a check this year is because a couple years ago, I made the switch from an LLC to an S-corporation, and since then, I have enjoyed a few tax breaks along with paying monthly taxes all year long to avoid huge payments at the end of the year.
And now that we can claim 3 children as “deductions”, we’re actually getting money back!
As I was talking with our accountant about what (if any) changes we could make for 2017, he jokingly responded that if we had another baby before December 31, we could capitalize on one more deduction and get an even bigger refund check.
I didn’t say anything at the time… but won’t our accountant be surprised when he meets our newest “deduction” next tax season 🙂