Actively pursue tax deductions: Most people don't think of bargain hunting as a once-a-year event because it would be harder to find deals if you only shop once a year. The same is true with taxes. You should try to think of ways to qualify for or increase your deductions in your everyday spending and investing. Use your tax refund wisely: Find ways to spend your tax refund that help lower your future taxes. For example, buying energy-efficient appliances could make you eligible for state or federal rebates.