Tips to Maximize Your 2017 Tax Refund

The holidays are here, which means that it’s almost tax time. We’re sure that in the midst of travel, friends, family, and food comas, that the last thing you want to think about right now is taxes. However, many of us tend to have some extra down time around the holidays, and we believe that’s a good time to start organizing and strategizing for next year’s taxes.

Get started early

While it’s impossible to project all of your expenses and income, it’s not a bad idea to start budgeting and planning now to get ahead of the game–especially if you plan any large purchases.

Get organized now

Planning to build a home office? Major home upgrades? New degree? Sending a child to college? Develop a roadmap for your major expenses or changes to income.

Research deductions

Deductions are numerous – all of the aforementioned examples could qualify for a tax deduction. Know your deductions; doing so may help you plan any major expenses and can get you ahead for subsequent tax years.

Get an app

From spreadsheets to dedicated tracking apps, expense and income tracking software is truly indispensable. Shelling out a few dollars for some budgeting software can help keep you organized for tax time, which can help you both balance your budget and increase your tax refund. That being said, always remember to back up your records!

Consider a CPA

Although we’ve often lauded the benefits of budget balancing software, that doesn’t mean it’s an adequate replacement for a good CPA. Rather the two are complementary: software can keep you organized, which can help your CPA make sense of your finances. In turn, a good CPA can help you with tax deductions and business recommendations, thereby maximizing your tax refund.

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