Last Minute Tax Tips

I just finished doing my taxes! A great feeling, especially now that I am expecting to get a refund. Having completed my taxes, here are my top tips to make sure you get the most from your return:

  • Set aside 3-4 hours one afternoon to do your taxes online and sort through the associated paperwork. The tax software will guide you through the steps, but there are a lot of “learn more” parts thanks to new tax legislation over the last few years.
  • Know your what deductions and credits you are entitled to under the new tax reforms. You’ll need if for the return.
  • If you find you are owe taxes, consider increasing your 401K/IRA contribution (see limits). You have till the tax filing deadline in mid-April to make contributions that apply to last year
  • If you earn any foreign income, declare it. The IRS is checking for this now and there are heavy fines in place for not reporting foreign income or accounts

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Christoff van Niekerk

I was wondering how big a difference there is between Turbotax Premium and Deluxe. I did investing, does deluxe not allow me to enter info there?

Nice article though, I’m kind of excited to start my taxes.