4 ways to keep more of your money at tax time
HOUSTON – If you have already started the process of getting your tax returns ready, you’re probably expecting a refund. While you’re at it, there are some things you can do to keep more of your money for yourself and help get a refund next year.
Jan. 27: The day the IRS will begin processing returns. But you can file electronically or by mail as soon as you get all of the forms you need.
What you can do now
- Gather your tax documents.
- Make last-minute contributions: If you haven’t already funded your retirement account for 2019, do so by April 15, 2020. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA.
- Change your withholdings on your W4: This will make sure you get back what you are expecting on your 2020 returns. This is especially important if you’re expecting big changes, like buying a house or having a baby.
- Don’t pay for tax preparation when you can get yours done for free. If you make $58,000 a year or less, you can go to one of 11 Baker Ripley Tax Centers to get help filing your return for free.
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