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Also seesix ways to use your tax refund to make money.
The same goes for your estimated taxes if you expect to owe.
Even something as simple as changing your withholding or contributing to retirement accounts could help lower your tax bill.
But dont let that stop you from getting your other documents together in advance.
Your future self will thank you.
Set Up Bookkeeping
Are you self-employed or a business owner?
If so, get your bookkeeping set up now.
you could use a bookkeeping software like QuickBooks or Xero if you want to simplify this.
you’re able to also get a tax break.
For 2025, the IRA contribution limit is $7,000 ($8,000 if youre 50 or older).
The limit for 401(k) accounts is $23,500.
Dont have a go at max out these accounts at the last minute.
Instead, make smaller contributions throughout the year starting now.
Look for Tax Breaks
There are a lot of tax breaks you might not know about.
Some common tax breaks include the Earned Income Tax Credit, Child Tax Credit and education credits.
Eligibility requirements are generally based on things like income, filing status and the number of dependents you have.
Nows a good time to look over these tax breaks and see whether youre eligible.
While youre at it, verify your filing status.
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