Looking for ways to cut your overall tax costs this year? If you're wondering how you can save on your tax return, there are several ways you can reduce both your tax preparation costs and your income tax liability. The key to saving on your taxes is doing your homework in advance so that you can take steps to cut your tax bill throughout the year.

1. Do your own taxes.

The first way to save on your tax return is to prepare the forms yourself. In the past, only professional tax experts could prepare tax forms, but the IRS has made the tax preparation process much easier for individuals who want to undertake this task on their own. In fact, if you earn less than $57,000 per year, you may qualify to file your taxes for free with select tax preparation services. If you decide to go with a paid income tax preparation service such as TurboTax, see if you qualify to file with one of the basic 1040EZ plans, which are usually less expensive than the other form options.

2. Consider itemizing your deductions.

Many taxpayers simply claim the standard deduction for their filing status and continue on with their forms. However, itemized deductions may offer a larger tax break, depending on your situation. For example, if you own a home, your mortgage interest deduction may be sizable enough to give you a larger tax cut than your standard deduction. Other itemized deductions include medical expenses, tax preparation fees, and real estate taxes.

3. Plan ahead for retirement.

Another way to save on your tax bill this year is to make regular retirement plan contributions all year long. When you contribute to your IRA during the year, you can exempt your contributions from income tax. The IRS limits the contribution amount each year, but if you're married and filing a joint return, you can exempt up to $6,000 per year from tax by contributing it to your 401(k) or IRA.

4. Give to charity.

Charitable donations are another easy way to slash your tax liability. These donations are part of the itemized deductions and can be deducted according to the actual amount of your gift or cash contribution. Depending on the amount of your contribution, you may have to get a written letter of acknowledgement that supports your claim.

If you'd like to save money on your taxes this year, try using these four tips to reduce your tax costs. If you do, you may find yourself looking forward to tax time this year!