Tax Season Tips: Last-Minute Moves to Maximize Your Refund

Tax season can be overwhelming, but taking a few strategic steps before filing can help you maximize your refund. Even if you’re short on time, these last-minute tax tips can make a significant difference in reducing your taxable income and increasing your potential refund.

1. Contribute to an IRA or HSA

If you haven’t maxed out your contributions to an Individual Retirement Account (IRA) or Health Savings Account (HSA), you still have time! Contributions made before the tax filing deadline can be deducted for the previous tax year, potentially lowering your taxable income.

Traditional IRA contributions may be tax-deductible, reducing your taxable income.

HSA contributions can lower your tax bill if you have a high-deductible health plan.

2. Double-Check for Missed Deductions and Credits

Many taxpayers overlook key deductions and credits that could boost their refund, such as:

Earned Income Tax Credit (EITC) – Available for low- to moderate-income earners.
Education Credits – The American Opportunity and Lifetime Learning Credits can help with tuition costs.
Medical Expenses – If your medical costs exceed 7.5% of your adjusted gross income, you may qualify for a deduction.

3. Review and Maximize Business Expenses

If you’re self-employed or own a small business, make sure to deduct all eligible expenses, such as home office costs, internet and phone bills, business mileage, and professional memberships. These deductions can help lower your taxable income and increase your refund.

4. File Electronically and Choose Direct Deposit

Filing your taxes electronically not only speeds up the process but also reduces errors compared to paper filings. Opting for direct deposit ensures you receive your refund faster than waiting for a paper check.

5. Consider a Tax Extension If Needed

If you’re running out of time, filing for a tax extension gives you extra time to prepare your return properly. However, an extension only provides more time to file, not to pay any taxes owed. Be sure to estimate and submit any owed taxes to avoid penalties.

Even with the tax deadline approaching, you can still take proactive steps to reduce tax liability or increase your refund. But remember to seek the guidance of an experienced tax professional if you have a complicated situation. With guidance, you can avoid many common mistakes while maximizing your return

About the Author: Mark Roberts

In addition to managing clients’ money and giving investment and diversification advice, Mark offers something that “the other guys” don’t - a unique approach to Retirement Tax Strategies and distribution. Time and time again, Mark meets with new clients who tell him they have a great relationship with their financial advisor but have never been offered information on this kind of approach to securing their financial futures. Mark has taken this feedback to heart and works tirelessly to ensure that his strategies focus on taxes and distribution. Mark started selling insurance for a major insurance company right out of high school to help put himself through college. After graduating with a degree in finance, he dove into estate planning on the financial side to set himself apart from other financial advisors. However, as changes were made to estate tax laws over time, Mark shifted his focus to income tax strategies. Mark’s philosophy is “the blue prints are more important than the wall paper or carpet.” The wall paper and carpet represent products like investments and insurance policies, whereas the blue prints represent the strategies. Once strategies that truly fit the client’s needs are put in place, our focus can shift to providing you with the right products. According to Mark, “It doesn’t matter what carpet we use if the walls are not in the right place.” Our approach to money management is designed to generate the largest alpha (quality) with the lowest standard deviation and beta (risk). By doing this, we help provide clients with the highest return on the lowest risk. Generating income for our retirees is also very important. Because withdrawing money from your portfolio hurts the account rather than helping it, our goal is to design income strategies to harm the portfolio the least making the money last longer.

Tax Season Tips: Last-Minute Moves to Maximize Your Refund

Tax Season Tips: Last-Minute Moves to Maximize Your Refund

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About the Author: Mark Roberts