It’s officially tax time. Every year, many take advantage of automated tax software that offers options for a smooth, standard return. Ever wonder, however, if you’re leaving money – potential refund dollars – on the table?
Roland Martin spoke Wednesday with Kevin T. Hutt, founder and managing partner of Onyx Asset Management, for his best tips for maximizing your return.
“A lot of deductions people aren’t aware of, they’re not educated on, they don’t have the information. When you’re doing it yourself, you have a tendency to miss those,” Hutt says. The most commonly missed deductions? Mortgage interest deductions, charitable donations, medical expenses, and education expenses, he says.
Tutts also says one important piece of advice for black taxpayers is to not make charitable donations, including tithing, in cash.
“At the end of the day, when the tax man showeth up, he will look for those tax records. He will look for checks as verification those items were actually paid,” he says.
Listen for tips to filing your taxes this year.