When preparing for tax time don’t just assume that Federal, State and other income taxes will be the only thing you can declare hoping you’ll get some kind of tax return. Depending on what kind of job or jobs, or what kind of savings or purchases you’ve made, you may qualify to reduce your taxable income and get a larger refund.

Some of the more popular deductions you can take are charitable contributions, business expenses such as operating costs, mortgage interest, losses such as theft or property values. Also let’s not forget contributing to your 401k or Roth IRA. If you’re a first time home buyer, Uncle Sam gives you a nice financial credit to encourage you to own your home.

There’s a long list that will probably fit your reduction of taxable income. There’s no shortage of information out there, as well as, consulting a professional tax preparer.

April is National Financial Literacy Month, Talkin’ Money’s favorite month! To celebrate the importance of being financially literate, we’re going to post financial literacy tips every day.