Even though paying income tax is a pain for many people, the taxes we pay are what allow us to live such a comfortable life and that’s a privilege many don’t have! But there’s no question that it can be frustrating filing all that paperwork and potentially paying a large amount of money owed too. These three tips are ones I’ve discovered that help me make the most of tax season.

1) Don’t Pay Until You Have To

While many people look forward to getting a big refund at the end of the year, paying taxes this way actually means you’re losing out on potential extra money. A tax expert once told me that a big tax refund simply means you’ve been paying more tax each month than was required. And that’s the equivalent of giving the government an interest-free loan for the year. Instead, request less tax be taken off and put the difference into a high-interest savings account. Then simply pay any tax owed at the end of the year. It takes a little discipline to save this way, but it means extra money in your pocket after you file! [Read more…]