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Tax season can be stressful, but it doesn’t have to be if you adequately prepare and have a plan to maximize your situation. Whether you file taxes yourself, or work with a financial professional, review the Tax Preparation Checklist below for a basic outline of items you’ll need and ideas to consider as you prepare to file.
Review the checklist below before you start your tax return or meet with a tax professional to help make the process smoother and ensure you’re maximizing any potential tax savings.
Note: The following is a general checklist. Because every situation is unique, be sure to work with a financial or tax professional to review your specific goals and needs.
[Checklist] 5 Things to Consider During Tax Time
1. Maximize Retirement Account Contributions for Potential Tax Deductions
One way to potentially reduce the amount of taxes you owe for 2020 is to maximize your IRA contributions if you haven’t done so.
Many people don’t know they can contribute to a new or existing IRA for the 2020 tax year before the tax filing deadline on May 17, 2021.
Contributions to a tax-deferred account, like a Traditional IRA, may provide a tax deduction in the amount you contribute for that tax year (pending eligibility). Check the requirements outlined by the IRS to verify the amount you can contribute to a Traditional IRA for 2020 and if it can be deducted from your taxable income.