CHARLESTON, WV (WVNS) — As we start the new year, now is the time to review what moves can and should be made to get ready for tax season. It is not too late to make financial moves that can increase your refund. The following are tips to help you take control and be proactive for your tax return.

Select a Tax Pro

Finding a professional tax preparer should be your first priority for filing your tax return. You want a Tax Pro that is well-versed in all of the recent federal and state tax laws and current changes, so you get all the deductions and credits you’re entitled to.

Hunt and Gather

You can stay organized by separating your paperwork into four simple categories: income items, deductions, life changes, and others. If you have self-employment activity or experienced other significant life-challenging events, you can use other categories as well.

Reduce Taxable Income

If you contribute regularly to your traditional 401(k), or any type of retirement plan, you should consider contributing up to the max before December 31 to reduce your taxable income for the year. For those with an IRA, you have until April 18, 2023, to make 2022 IRA contributions. If you are age 72 or older, and you have a traditional IRA or conventional pension plan, you should be wary to avoid a penalty by taking your annual required distribution.

Be Generous

Donate your gently used, unwanted items. Only contributions to IRS-approved charities are deductible. You should also be sure to retain receipts for any donated items you’ve purchased in the past.

Scholarly Contributions

You can make your tax return greater with education credits by prepaying college tuition bills that are due in early 2023, which can result in a bigger credit on this year’s Form 1040, as you can claim a 2022 credit for prepaying tuition for academic periods that begin in January through March of next year.

Homeowners’ Haven

You can deduct the mortgage interest on your first and second home that you pay on loans, construction loans for your home, and certain home equity lines of credit. You can also deduct the interest on your tax return. Real estate taxes may also be deducted. Another great thing about being a homeowner during tax season is that you can also claim the mortgage insurance premiums as mortgage interest if you meet the requirements.

Small Business or Self-employed?

There are dozens of considerations, tax deductions, and even tax credits available to small businesses and for those that are self-employed. Be sure to educate yourself and know all the rules related to your full-time business or smaller business on the side.

Credit for Other Dependents

A $500 nonrefundable credit is available to taxpayers with dependents who do not qualify for child tax credits. The full credit is available for taxpayers with an income of up to $200,000 and $400,000 if married and filing jointly. It is also $500 for each dependent. Any excess credit remaining after all taxes have been reduced to zero is lost.

Talk to a Tax Pro to understand your taxes situation and give yourself the bigger refund you deserve. If you have any other questions, you can also visit, End of Year Tax Tips – 2019 Tax Year – Jackson Hewitt.