7 Tips for Getting the Biggest Refund Check Possible

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7. Refinance your home

Refinancing sounds great until you find out that it could bump up your tax return. When you make this important step, the vast majority of your initial monthly payments will actually go toward interest on the loan. Fortunately, those interests are deductible.

According to the IRS, homeowners can deduct the full amount of interest on mortgage loans (including refinanced loans) up to $375,000 for individual filers and $750,000 for married couples filing jointly.

You can also opt for a home equity loan, however, note that the interest on a home equity loan or home equity line of credit is deductible only when the amount of money you borrow is used for home improvements.

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