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Any time you have a big tax refund you’re making an interest-free loan to the government instead of using the money for your own benefit. The solution: Adjust your federal income tax withholding by filing Form W-4 with your employer. Worried about underpayment penalties? Give us a call. We’ll explain the safe-harbor rules and help you calculate the right amount to pay during 2015.

You can contribute to a 2014 IRA up to the April 15, 2015, tax deadline. The contribution limit is the lower of your 2014 earnings or $5,500. If you are age 50 or older, you can make an additional $1,000 “catch-up” contribution. Generally, you can get a federal income tax deduction if your contribution is made to a traditional IRA. Contributions to a Roth IRA are not tax-deductible.

You can still split your direct deposit refund among two or three bank accounts. However, a single bank account can now only be used for up to three refunds. If your family files tax returns for multiple members and directs all the refunds to a single bank account, you’ll get paper checks after the third refund.

April 15, 2015, is the due date for filing your 2014 federal income tax return and for paying the tax you owe. The first installment of your 2015 estimated tax is due the same day. April 15 is also the due date for calendar-year partnership tax returns and the first 2015 installment of estimated tax for corporations.

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