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Tax Filing Tips

Published  February 10, 2018 12:51pm EST
FOX 2 Detroit

1. Don't wait. If you owe, doing your taxes early will allow you to set a plan for paying. If you're getting a return, doing your taxes early will eliminate risk for delays.

2. Retrace 2017. Make sure you didn't miss any big life events and things you may not have recalled that took place during the year.

3. Contribute to your accounts. You can make contributions to your IRA and Roth IRA before April 1, 2018 and have it count for your 2017 taxes. Please have saved thousands of dollars doing it.

4. Know the difference between last year and this year. Make sure you or your financial professional knows the differences between last year and this year that may affect your filing.

5. Meet with a professional. Once you file, schedule an appointment with your financial advisor to understand strategies for 2018 you'll need to have in place in the new tax reform area.