First Person: There's Still Time to Boost Your Income Tax Refund

As 2010 comes closer to its end, it's time once again to start thinking about your income tax return. If you're like many of my tax clients, you may have had the best intentions to be organized and to have planned your tax situation better than you ended up doing. There are still a few ways, however, that you can get a bigger tax refund this year and be a step ahead for 2011.

Contribute to an IRA.

You have until your tax filing deadline, April 15, 2011 to top up your contributions to your Individual Retirement Account (IRA) and still get the deduction on your 2010 taxes. If you do not currently have an IRA, you can open a new one between now and the deadline. This is one of the most effective ways to beat that tax bill down and also helps you in the long run to save for retirement. The maximum contribution for 2010 is $5,000. While you're at it, set up an automatic contribution plan for next year so that the money goes into your plan effortlessly.

Review your home repairs and maintenance expenses for the year.

Federal tax credits for energy efficient upgrades to your home are available until December 31. Eligible upgrades include window and door replacement, insulation, energy efficient heating and cooling systems, and even solar panels and wind turbines. Review the requirements for the program here and see if any of your upgrades during the year qualify for the credit. You may still have time to take advantage of the credit before year end if you have an upgrade already planned.

Schedule dentist and eye appointments before the end of the year.

If you have had a year of high medical costs, you may be eligible for the medical expense deduction. You can deduct medical expenses in excess of 7.5% of your income. If you are already over that limit for the year or getting close to approaching it, you can benefit by scheduling routine appointments before the end of the year rather than the beginning of next year.

Give generously.

Donations to qualified charities are deductible on your income taxes so plan your giving accordingly. Any donations- either in cash or goods- made before the end of the year can be claimed on your 2010 taxes. For example, if you have a beat-up old car that you're not driving anymore, consider donating it to a charity in exchange for a donation receipt. The same goes for old clothes that you no longer wear or all the clutter in your basement. Keep accurate lists of what you are donating and the value of the items. Of course, donating cash is even simpler and you can still take the deduction.

Pre-pay your January mortgage payment.

The mortgage interest deduction is one of the most lucrative for taxpayers. In most cases, you will be able to deduct the mortgage interest you pay in the year, regardless of what month it is for. Therefore, you can deduct an extra interest payment by paying January's mortgage payment on December 31 rather than January 1. Check with your mortgage company to ensure that a late December payment will be processed before the end of the year.

More From This Contributor:
Top Five Retirement Investment Options
How to Make Your Gasoline Dollars Stretch Further a the Gas Pump
Most Commonly Missed Tax Breaks