End-of-Year 2021 Tax Tips & Tricks to 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 maximize your tax refund when you file.
Don't Take Your Bonuses... Yet
If your hard work paid off and you're expecting a year-end bonus, this extra cash might push you into a higher tax band, increasing your tax liability. If your bonus pushes you into a higher tax band, you might want to wait until the new year to take advantage of the extra cash. If your employer can give you your bonus in January, you'll still get it at the end of the year, but you won't have to pay taxes on it when you file your taxes in 2021.
Take A Course Or Two
Taking a course to further your job or improve your abilities can also help you save money on taxes and increase your return. The Lifetime Learning Credit, which can be worth up to $2,000 per tax return, may be available if you pay for next quarter's tuition before December 31.
Did you know you may declare your losses and use them to offset investment winnings if you have a few investments in your portfolio that have lost value? To do so, sell the failing assets and offset your losses against the gains you've realized. If your losses outnumber your earnings, you can deduct $3,000 from your ordinary income. Any surplus will be carried forward to the next tax year.
Resolve Your Tax Bills
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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You can click here to be connected with a verified partner of IRS Fresh Start Initiative