How to Make the Most of Your Tax Return

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This shop has been compensated by Collective Bias, Inc. and its advertiser, Walmart Family Mobile. All opinions are mine alone. #YourTaxCash #CollectiveBias

Have you filed your tax return yet? Sometimes, we start planning what we’re going to do with our tax return before we file. It helps us to realistically set a financial picture for the rest of the year. This year, I wanted to share my tips for how to make the most of your tax return and I’m also including the simple worksheets that we use. Don’t worry, this shouldn’t be headache inducing and while the bills portion might make you cringe; the rest should be fun!

Now, whether you file your own taxes or have someone else do it for you- let’s talk about that tax return.

The first step in the run-up to tax return submission is selecting the right form. The basic of the tax forms is the 1040 – also 1040ez and 1040a – which has to be appropriately filled by every person filing tax returns in any case.

It is meant for all kinds of income, over $100,000 annually, and also for itemizing deductions when not opting for standard deductions. 1040ez, again a basic tax form, on the other hand is meant for people who are single or when married, jointly.

The conditions governing the 1040ez form are, the tax payees must not have any dependents, not blind, age less than 65, and have an annual earned income (taxable) less than $100,000 with an earned interest not more than $1,500, and have non-itemized deductions.

Finally, the form 1040a is for those who have an income less than $100,000 annually, but with itemized deductions.

Of course, this changes if you are a business owner, but for sake of this post- we’ll stick with the personal tax return.

For us, it makes sense to make a plan for the family tax return. We like to keep track of our finances, so this year, I created a tax return planner. It’s really not that complicated, I promise!

The tax planner makes it so much easier to visualize how you’re going to make the most of your tax return.

Start with:

  • Your Current Outstanding Payments (bills, loans, mortgages, school or property taxes, etc.)
  • Your Savings Goals (family vacation, gifts, rainy day, retirement, etc)
  • Dream Goals (new home, new car, new pet, etc.)

And after you fill this in, you go to the next sheet:

This sheet uses all of your actual numbers.  And yes, I am one of those people that prefers to use a smartphone instead of an actual calculator. It’s the convenience factor, you know? The last sheet in the planner ties it all together.

The Samsung Galaxy On5 (at $119) is my phone of choice for business use. Paired with the Walmart Family Mobile Plus Plan, I’d call that a win-win for making the most of our tax return. Unlimited Talk, Text, & Data which includes up to 10GB of 4G LTE then 2G plus a free VUDU movie credit every month ($7 value) per line for $49.88. (Includes up to 10GB of 4G LTE† data then 2G)

  • Disclaimer: All prices for phones and plans included in this post are accurate as of the date of posting; however, these prices are subject to change. Please refer to Walmart Family Mobile or your local Walmart for current pricing.

There’s a Walmart Family Mobile Plan to meet just about every budget and it’s definitely something that you can include in your tax return plan.

Once you’ve picked your plan, pick out your phone- and don’t forget that you do need to purchase a SIM Kit. Just pick a phone or Bring Your Own, and get your SIM Kit for only $19.88.

I would encourage you to fill out your tax return planner as a family. Especially if you are planning on saving for a vacation or day trip. It’s fun to get everyone involved and it makes the kids feel more important.

Grab your free tax return planner!

And I would love to know how you plan to make the most of your tax return! Are you making payments or saving towards something fun? Would you include a new phone using the Walmart Family Mobile Plus Plan? What would you do with a free movie credit? We plan on using our movie credit to have a family movie and game night.

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Kori

Content Creator at Kori at Home
Kori is a late diagnosed neurodivergent mom. She is currently located in Albany, NY where she is raising a neurodiverse family. Her older daughter is non-speaking autistic (and also has ADHD and Anxiety) and her youngest daughter is HSP/Gifted. A blogger, podcaster, writer, and coach; Kori shares neurodivergent life in a neurotypical world while helping others to do the same. As an empath, HSP, and highly intuitive individual, Kori brings her own life experiences as an autistic woman combined with her adventures in momming to bring you the day-to-day of her life at home. Kori is on a mission to empower moms of autistic children to make informed parenting decisions with confidence and conviction.

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