Tax checkup at midyear couldn’t hurt

July is the perfect time to think about tax returns, even though it’s probably the last thing on people’s minds when they’re at the beach. But with six months worth of financial records in hand, you can easily assess where you stand while there’s still time to take action. A quick review can help you to make sure you’re taking advantage of new tax provisions and the tried-and-true strategies for managing your tax bill. The goal should be to maximize deductions and minimize payments, but don’t aim for a jumbo refund. A big refund means, in effect, that you lent money to the federal government interest free, rather than putting it to work for yourself. Here are seven steps you can take now…

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