Joe Biden's Tax Tips For Maximizing Your Refund (VIDEO)

WASHINGTON (AP) -- Vice President Joe Biden says average income tax refunds are up nearly 10 percent to just over $3,000, largely due to various tax benefits in last year's economic stimulus bill.

Internal Revenue Service data show the average refund is up more than $260, a 9.6 percent increase over last year.

Since about half of all Americans have yet to file their returns, administration officials are holding events across the country this week reminding taxpayers to take advantage of those benefits on their 2009 tax returns.

The stimulus bill included help for taxpayers for college expenses, buying a first home and making energy-efficiency improvements on their homes, among other tax credits.

Income tax day is April 15.

Vice President Biden also appeared on NBC's Today Show to outline his tips for maximizing tax refunds below. WATCH:

Visit msnbc.com for breaking news, world news, and news about the economy

Comments

[PassAGrilleJ]

02:06 PM on 04/15/2010

Higher refunds mean the government is taking more of your money faster than it needs to. Talk to a tax professional to find out how you can keep more of your money throughout the year. It may be as simple as claiming yourself as a deduction (which many of my single friends don't seem to realize they can do)

[billshut]

02:05 PM on 03/23/2010

Your best move is to change your withholding to not end up overpaying in the first place, especially now that it seems the IRS is going to be the collection arm for the insurance industry.

[bobdob]

02:04 PM on 04/15/2010

If you believe that hogwash, you've been suckered. You should do a little research. The health care reform bill specifically prohibits the IRS from confiscating taxpayer assets, using liens or levies, or imposing criminal penalties of any kind — including jail time — because of a lack of health care coverage. Period. The powers of the IRS have not been expanded under the bill. The IRS will continue to deal with taxes. They are not authorized to enforce health care laws.

[PassAGrilleJ]

02:07 PM on 04/15/2010

"They are not authorized to enforce health care laws."

Since the health care law involves penalties for non-compliance, who is?

[vippy]

11:21 AM on 03/23/2010

the problem I see needs to addressed is the inequitable burden being carried by the people who make the least money in our society. We are taxed for personal income, social security and medicare. The 3 men who manage hedge funds and made over 1 billion in income in 2006 pay nothing into the system. That is the problem! The cap for social security income tax on wages is $ 106,800. All income above that is exempt. If you look at the rich, like Tiger Woods, A-Rod, etc. they don't pay taxes on 99% of their pay. The rich make their income from capital gains, stocks and real estate. Tax that and the problem will be solved with an additional benefit of reducing or eliminating
employer's contributions.

[LemonMeringue]

08:46 PM on 03/22/2010

Obama passed the largest tax reduction in U.S. history, in the stimulus package.

Only 2% of teabaggers knew that, but 44% thought he had already raised their taxes.

[vippy]

11:09 AM on 03/23/2010

For the last 30 years, no matter how I adjusted our income, we ended up paying so I always sent off my tax papers by April 15. I just did my taxes and I am stunned, we get a lot back. Of course,
we bought a new A/C and a new car, but even without it we had a credit. Thank you, Obama!!!!

[huff po fan]

05:33 PM on 03/22/2010

THIS IS GREAT.

MONEY FOR US CITIZENS FOR A CHANGE-INSTEAD OF CORPORATIONS AND CRONIES.

THE DEMOCRATS GET IT.

[latrobe]

02:04 PM on 03/22/2010

Tax deductions are only government engaging in social engineering. That is what will happen in health reform. You want to save money you have to use it the way the government wants you to or they will take it from you.

[Dynamohum]

01:53 PM on 04/15/2010

How is it living in that narrow little paranoid world you live in?

[mfyourmomscalling]

02:02 PM on 03/22/2010

Oh ya i would trust him oh ya !!! VOTE ALL OF THEM OUT !!!!!!

[bobdob]

02:06 PM on 04/15/2010

Oh ya. AND VOTE SOME OTHER ONES IN!!!! Great idea. That'll fix everything. Oh ya.

[OneConservative]

02:02 PM on 03/22/2010

What does joe Biden really know about anything?

[tiredoldsteelworker]

02:27 PM on 03/22/2010

He's bee a ward of the state for waaaaaaay to long

[86masters]

02:34 PM on 04/15/2010

Learn how to proofread your work and use proper verbiage - bee and to (been and too).

[bobdob]

02:06 PM on 04/15/2010

What I'd like to know is what do YOU really know about anything?

[plages]

01:37 PM on 03/22/2010

Pssst . . . "TURBO TAX!"

[SenorBob]

02:22 PM on 04/15/2010

None of the tax software programs can handle foreign income properly, or if they can handle it, their instructions are so awful you end up doing it wrong. Every year, I have file on paper from forms and instructions printed off of irs.gov

[Jazzman323]

01:18 PM on 03/22/2010

Tip 1: Vote out Democrats.

[rangermac]

01:23 PM on 03/22/2010

That's a very funny comment coming in response to an article about increased tax refunds under Democrats.

You must have really aced your critical thinking classes in college.

[FrankinSac]

01:55 PM on 03/22/2010

College???? Critical Thinking classes??? You're giving Waayyyy too much credit there.

[bgofca]

02:53 PM on 03/22/2010

we received tax cuts for regular people from the democrats and you want us to vote them out and vote republicans in so those cuts can stop and so there can be only tax cuts for business and the wealthy.
go away troll. No republicans wanted.

[BankerTee]

01:07 PM on 03/22/2010

Tax Master J!

[RickshawJohnson]

01:06 PM on 03/22/2010

I'm holding off on writing that check again this year. After everything the government took from my salary, I owe a bit more. I can't even claim the $10,000 in student loan interest that I paid this year because according to them my income is too high. Gotta love that.

[bobdob]

02:08 PM on 04/15/2010

If you make that much money, you should suck it up and pay your taxes. Or do you need another SUV to fill the fourth bay in your McMansion garage?

[Sam1234567]

01:03 PM on 03/22/2010

How come I can't just make up deductions? Like Timmay.

[tiredoldsteelworker]

11:53 AM on 03/22/2010

They take taxes out of your unemployment check. Your gross income for the year is less because YOU DON'T HAVE A JOB and you have been living on that unemployment check. The taxes they do take come back to you in the form of a refund. 9.7% unemployment..........10% refunds up. Bidden should leave this one alone.

[Trythis]

12:21 PM on 03/22/2010

I think so too tiredoldsteel - you have to spend quite a bit of money in order to receive a larger tax refund. Sounds silly to me. Many of us don't have extra to put into home renovations, or other expenditures, right now.

[tiredoldsteelworker]

12:41 PM on 03/22/2010

I've been holding off on several things for two years. The company I work for warned us in mid-2008 that it was going to get bad, hence no raise for the same two years.

[bobdob]

02:09 PM on 04/15/2010

So wait--they're taxing your free money and you don't think that's fair? Change your diaper.

[Notawingnut]

11:26 AM on 03/22/2010

My refund was going to be like $400, but then I qualified for some kind of college credit or something and it went up to $1800. It was awesome. TurboTax actually summed it up nicely when the change was made, "School is cool!"

[TLV]

12:16 PM on 03/22/2010

YUP! And our refund will, again, go to pay for part of one son's tuition. It isn't much, but it's something!