Keep your money! Here are 6 ways to maximize your tax refund -

Keep your money! Here are 6 ways to maximize your tax refund -

We only have days before 2017 is in the books.  Do you want back as much of that hard earned money as you can get? Here are 6 things to consider doing before we ring in the new year.  

Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Keep your money! Here are 6 ways to maximize your tax refund -

Make another mortgage payment

Say what?  It does make sense, follow along. According to local CPA, Robert Hockensmith, if you make another mortgage payment between now and the end of the year, that additional mortgage payment will mostly be interest and you’ll be able to take a higher mortgage interest deduction on that payment.

Photo By: ABC15

Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Keep your money! Here are 6 ways to maximize your tax refund -

Pre-pay your real estate taxes

Most people pay their real estate taxes in May and then October each year.  Hockensmith said you can prepay your taxes that are going to become due in March of next year. If you write the check and you actually pay the tax ahead of time, you will get a tax reduction on the federal and the state of Arizona tax return. 

Copyright 2015 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Keep your money! Here are 6 ways to maximize your tax refund -

Pre-pay your medical expenses

If you pre-pay any medical expenses you know you will have or pay off existing medical expenses, you can write them off.  According to Hockensmith, this could be especially beneficial if federal tax reform removes the ability to deduct medical expenses in 2018.

Photo By: Getty Images

Image copyright 2015 Getty Images. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Keep your money! Here are 6 ways to maximize your tax refund -

Pre-pay your auto tags for two years

This is pretty self-explanatory.  In Arizona, you can write off your car registration fees.  Pay ahead and you can write them off in the year you paid them.  It's also less expensive if you pay them for multiple years.

Copyright 2017 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Keep your money! Here are 6 ways to maximize your tax refund -

Defer income to 2018

If given the option to take some of your income before December 31 or waiting until the new year, wait until 2018. Less income in 2017 means less tax money owed.

Photo By: Getty

Copyright Getty Images

Keep your money! Here are 6 ways to maximize your tax refund -

Donate to charity

If you live in Arizona and itemize on your federal return and DON'T donate to charity, you are leaving money on the table. Arizona is the only state which offers dollar for dollar tax credits for several charitable organizations. They include private AZ schools, public or charter AZ schools, food banks, foster children organizations, AZ Dept. ofVeteran Services.  Check this list. So in other words, you get your money back on your state return and a deduction on your federal return, meaning more money for you!  Oh yeah, and it will feel so good to give to a worthy cause!

Copyright 2015 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.