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Three ways to save money when filing your tax return

We all love surprise returns or tax breaks. But there are proven ways to save money when filing your tax return, and publishing Go Banking Rates told about them.

Photo: IStock

1. File your return as soon as possible

Once you've received all your forms, it's time to submit your paperwork. There are several reasons why you don't have to wait to file your tax return.

First, many tax software vendors are raising their prices as the April 15th filing deadline approaches. So it is quite realistic to get a lower price if you file your taxes earlier.

Second, if you missed any forms or if any forms contain errors, filing early will give you time to resolve any issues.

On the subject: Together or Separate: How to File Tax Returns for Couples Married in 2022

Filing early can help protect you from tax fraud. A common scheme is for a scammer to fill out a tax return using your identity and then receive a refund. However, this criminal cannot file a tax return on your behalf if you have already filed one. That is, applying early closes your window of risk.

2. Choose the right tax software for you

Sounds familiar? You start filing your tax return through the online program for free. Half an hour later, suddenly upgrade to a premium package, bought a couple of add-ons and think you might even have signed up for an extended warranty, but you're not sure.

Yes, there are three certainties in this world: death, taxes, and old tax software.

Each tax program has its pros and cons, and these premium packages do offer useful features for some users. But many taxpayers don't really need all the bells and whistles they end up buying. Although it is understandable why this happens: people are often not sure which software package is right for their tax situation. In order to avoid possible problems, they simply switch to a more expensive option.

Decision? Choose tax software that covers any tax situation and costs significantly less than these luxury packages.

3. Know When You Should Seek Professional Help

Sometimes trying to save money can end up costing you money.

Even if you've always filed your taxes yourself, there may be new events in your life that will force you to hire an accountant.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York

Major life changes such as retiring, getting married, having a baby or going back to school will add new challenges and a tax professional can help save you time and money. Plus, they'll likely find you some returns and loans that you wouldn't otherwise know about.

A tax expert can also be invaluable if you own a small business or are self-employed.

Perhaps you are half way through preparing your own taxes and realize that you have more questions than answers. That's fine, but it's even better if you have an extra pair of eyes when you return.

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