Single 20 year old man, what tax credits can I get?

Question

I am single with no children.

20 years old.

My current salary is $30900.

It will be increasing to $33,063 before the end of the year.

I live on my own.

Are there any tax credits I can qualify for? Any way to get more for my tax return? How do H&R block employees always get so much money for people?

Answer 1

nothing

Answer 2

Not likely.

And Block employees do NOT get a bigger refund for people than any other competent preparer, or that you can get for yourself.

Answer 3

Where do you work?  What do you do?  You can claim some stuff you spent for work... i.e. uniform, work clothes, books and magazine subscription.  Do you still go to school or go to school part time?  You can claim a lot of other stuff (i.e. books, tuition, and there are some really good tax credits out there as well) if you're still in school.  I personally preferred to use a private CPA instead of H&R.  

Answer 4

Put the maximum allowable amount into your 401(k).  If you have student loans,the interest you pay will act as a tax credit.  Other than that, there's not much you can do.  Those ads on TV are exceptional cases and most people won't realize anything like the amounts mentioned in the ads. Do your taxes yourself and save the fee H&R Block charges.

Answer 5

To get a credit you have to spend money.  Then the credit pays a little of that back.  Unless you were planning on spending the money anyway, the credit won't do you any good.

You make too much for the saver's credit.

You could save for retirement either through work or through an IRA.  That will give you a deduction.

As for "always get so much money for people."  They can't. They simply try to ask enough questions to figure out if the taxpayer has overlooked a dependent, deduction or credit.