Here are some of the tax tips that I've received so far:
- I use the internet as a tool to make sure I'm claiming every deduction and credit that I can qualify for.
- My father was an accountant and used to say the best thing was to break even every tax year and not give the government an interest-free loan of your money (by getting a refund). I know that I'd never be able to save the money otherwise so I always made sure to have plenty of tax deducted in order to get a nice refund check. Now I make that money work for me; I put some aside every year and put it into a CD.
- I make sure that I organize all year. I have folders I make in January for that year's taxes so that come tax time, I don't have to hunt for my receipts and paperwork.
- Contribute the most you can to a 401(k) plan at work.