Five things you could learn from your tax return

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OKLAHOMA CITY - If you are scrambling to file your tax return, you are not alone.

However, experts say there are a few things you could learn from your taxes.

-You missed out on tax-advantaged retirement savings- If you're not setting money aside for retirement, you could be losing out on matching contributions from your employer and interest from retirement savings.

-You're keeping too much money in your bank savings account - If you earned less than $10 in interest on your bank account, you may want to consider moving your savings to another bank with better rates. Also, check online banks, which often pay higher interest rates. If you do get a lot of interest dollars, you may want to move some money into investments.

-You may need a better mix of investments- A diversified investment portfolio can help protect you against losses related to any one company or industry. Review your investments and consider whether a broader mix is necessary.

-You may not be keeping track of donations - According to the IRS, the average taxpayer who itemized deductions and had an income between $50,000 and $100,000 gave around $3,000 to charity in 2015. Be sure to document donations and keep receipts.

-You're having too much or too little withheld -If you get a large refund, you may want to review your withholding so your money stays in your pocket longer. On the other hand, you can also check your withholding if you're having to pay more in taxes.

Free financial literacy kits are being distributed by the Oklahoma Society of CPAs.

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