Another End-of-Year 2021 Tax Tips & Tricks to Boost Your Refund
Just when you thought you couldn't save more this year on your tax returns, we're obligated to give you even more tax tips and trips to help boost your refund! It's hard to realize we're nearing the end of the year! With the year 2021 drawing to a close, now is a wonderful opportunity to make some simple and smart tax moves to assist reduce your tax payment and maximizing your tax refund when you file.
Adjust Your W-4 Withholding Allowance
If you did not receive the tax result you expected in the tax year 2020, or if you have experienced life changes such as having a baby, receiving a raise or decrease in pay, unemployment, or a new job, now is a good time to adjust the amount of taxes withheld from your paycheck by adjusting your withholding on your W-4 and resubmitting the form with your employer.
Take Advantage Of Retirement Funds
Contributing to your retirement savings account is another wonderful strategy to lower your taxable income. You may minimize your taxable income and save for the future by contributing to a 401(k), a Traditional IRA, or even a Roth IRA. For 2021, you can contribute up to the lesser of 25% of your net self-employment income or $58,000 if you are self-employed and contribute to a SEP IRA.
'Tis The Season To Donate
The Holiday season is approaching, which is an excellent opportunity to clear out your closet and donate household items to those in need. If you itemize your tax deductions, you can help someone in need while also benefiting from a tax deduction for non-cash and monetary gifts made to a qualifying charitable organization. Remember to deduct your mileage (14 cents per mile) traveled for charity work if you volunteer at a registered charitable organization.
The Tax Debt Relief Initiative
No taxpayer in their right mind wants to be hit with that tax bill, especially if it tends to be a struggle to pay off. But there is a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program. Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!
See if you qualify for the Fresh Start Program today!
Resolve your tax debt before the IRS surprises you with late fees and penalties!
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Enroll in Fresh Start
You can click here to be connected with a verified partner of IRS Fresh Start Initiative