How to Get the Most Money Back on Your Tax Return

March 2026 – By Lee Generous, ChFC®, EA | Founder, Generous Wealth Management LLC

Tax season often brings stress from gathering documents and navigating complex rules, but with careful planning, you can minimize your tax liability and potentially receive a larger refund. You've earned your income throughout the year—now's the time to ensure you're claiming every eligible deduction, credit, and strategy.

Looking at your full financial picture helps uncover opportunities to reduce taxable income and boost refunds. At Generous Wealth Management LLC, our team guides clients through these details year-round, especially for business owners, entrepreneurs (including cannabis/hemp industry professionals), and high-net-worth families.

Here are five key considerations for maximizing your 2025 tax return (filed in 2026):

Consideration #1: Maximize Retirement Contributions for Deductions

You can contribute to a traditional IRA up until the tax filing deadline (typically April 15, 2026, or the next business day) and claim a deduction on your 2025 return. For tax year 2025, the limits are $7,000 if under age 50, or $8,000 if age 50 or older (catch-up contribution). These apply to the total across traditional and Roth IRAs.

If you're covered by a workplace retirement plan (e.g., 401(k)), deductibility phases out based on modified adjusted gross income (MAGI). For example, phase-outs start around $79,000–$89,000 for single filers or $126,000–$146,000 for joint filers (2025 figures; check exact limits). If not covered by a work plan, full deductions are often available regardless of income.

This strategy lowers taxable income now while building retirement savings—ideal for self-employed or business owners.

Consideration #2: Claim All Eligible Deductions

Beyond the basics, review your expenses for additional deductions that reduce taxable income. Common ones include:

Charitable contributions
State and local taxes (SALT, with limits)
Work-related education expenses (tuition, books, supplies, transportation, travel) — if they maintain or improve skills in your current job (not for a new career). Self-employed individuals often claim these on Schedule C.

Don't overlook other qualifiers like professional certification costs or impairment-related education for disabled taxpayers. Track receipts carefully—small items add up.

Consideration #3: Properly Claim All Dependents and Credits

Dependents aren't just children—they can include qualifying relatives (e.g., elderly parents or disabled family members) living with you, with income under certain thresholds (e.g., $5,200 gross for 2025 in many cases) and meeting support tests.

Key benefits:

Child Tax Credit (CTC): Up to $2,200 per qualifying child under age 17 (with up to $1,700 potentially refundable via Additional Child Tax Credit).
Credit for Other Dependents (ODC): $500 per non-child dependent (non-refundable; phases out at higher incomes, e.g., over $200,000 single/$400,000 joint).

Personal exemptions remain suspended through 2025, but these credits provide valuable relief. Ensure dependents have valid SSNs or ITINs.

Consideration #4: Decide Whether to Itemize Deductions

Compare your total itemized deductions against the 2025 standard deduction:

Single or married filing separately: $15,750
Married filing jointly: $31,500
Head of household: $23,625

(Additional amounts apply for age 65+ or blind.)

If itemizing yields more (e.g., high medical/dental expenses, mortgage interest, charitable giving, or casualty/theft losses), go that route for a bigger refund. If you're close to the threshold, tally expenses—it could tip the scale. Note: Spouses filing jointly must both itemize or both take standard.

Consideration #5: Prioritize Refundable Tax Credits

Refundable credits deliver cash back even if you owe $0 tax—unlike non-refundable ones (limited to your liability) or deductions (reduce taxable income only).

Examples include:

Portions of the Child Tax Credit (up to $1,700 refundable)
Adoption credits
Foreign tax credits (to avoid double taxation)
Saver's Credit (for retirement contributions)
Higher education credits (e.g., American Opportunity or Lifetime Learning, though some are partially refundable)

These can turn a break-even return into a check from the IRS.

If your situation involves complexity—such as business income, investments, or industry-specific rules (e.g., cannabis/hemp)—consulting a tax professional makes sense.

Why Partner with Our Tax-Smart Fiduciary Team?

How you manage taxes throughout the year directly affects your cash flow, penalties, and overall wealth. At Generous Wealth Management LLC, our entire team specializes in delivering tax-efficient, holistic strategies tailored for business owners, entrepreneurs—including those in the cannabis/hemp industry—and high-net-worth families. Led by founder Lee Generous (ChFC®, EA), a fiduciary with deep expertise in financial planning, tax advisory, portfolio strategy, and business succession since 2004, we bring together a dedicated group of professionals: seasoned tax advisor John Sardoni (CPA with 20+ years in audit, accounting, financing, and tax, plus Series 65), wealth facilitators William P. Kelly (CPA with decades of market experience rooted in academic research-based investing), and Casey Phinney (Boston College graduate with real estate and management background), supported by operational experts John Garrity (Suffolk University finance graduate) and Madeline Velasquez (Northeastern University accounting and finance graduate). This collaborative team coordinates directly with your CPA—or provides integrated tax advisory—to optimize deductions, credits, withholdings, and overall tax strategy, often saving clients far more than the cost of comprehensive planning.

Ready to review your 2025 return or plan ahead for 2026? Contact us for a complimentary consultation: Contact@GenWealthMan.com or (781) 242-5760. Let's maximize your refund and build long-term financial security.

Sources:

This content is developed from sources believed to be providing accurate information, and provided by Generous Wealth Management LLC. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.