increase your medical expense deduction later.
Pay property taxes, and if you’re self-employed, pay your fourth-quarter state estimated taxes early in December too. Rather than waiting until January when these types of expenses are normally due, paying early will ultimately lead to a higher refund in the end.
6. Track All Big-Ticket Purchases.
Keeping track of all state and local taxes you pay on all major items will grant you a bigger refund when it’s time to itemize your deductions.
7. Use Your Debit Card For Everything & Track Paperless Records As They Come In.
Do a monthly recollection of all your tax-related electronic transactions. It will make you and your tax preparer’s job much easier. Each month log in to your bank account and separate any tax-related transactions such as charitable donations, fees for health care, job-search costs, and unreimbursed work expenses.
8. Save Receipts for Tax Season!
Last but certainly not least, be sure to always save receipts whenever possible. It is a simple thing, yet when it comes down to it, people hardly ever do it anymore. Start with saving at least the big expense receipts. If you get audited, all those things you claimed will ultimately need to have proof.
Truthfully, with these tips, you can make this tax season work for you. You can also start working with your tax advisor now. It’s a great way to get a headstart on ways to get the most out of your refund. Remember April 18 is the deadline to file taxes this year. Good luck!