Still need to file? Here’s how to maximize your tax refund.
Tax Day is Monday, May 17th
MADISON, Wis.– You’re not alone if you’ve waited until the last minute to file your federal tax return, but you don’t have much time left. Tax Day is Monday, May 17th.
Jackson Hewitt’s Chief Tax Information Officer Mark Steber says many people might be owed more stimulus money.
“If you did not get all of your money for a dependent, because the rules changed, or you had a new baby, you will have to ask for that money on your 2020 tax return,” explained Steber.
The fastest way to get that is to file electronically. The IRS now offers free e-filing software for people making less than $72,000/year. If you lost your job last year, unemployment benefits are taxable, but most Americans will get a break on some of that money.
“The first $10,200 of unemployment benefits that you received in 2020 are not going to be taxable at the federal level,” said Jill Schlesinger, CBS News Business Analyst. “That’s for folks who make up to $150,000.”
Two other tips to maximize your refund:
One: Put money into your IRA. You can contribute up to $6,000 this year, plus an additional $1,000 ‘catch up’ contribution if you’re over the age of 50.
Two: If you use the standard tax deduction, like more than 90% of Americans, you can deduct up to $300 in cash donations. If you’re married or filing jointly, that deduction will double to $600 for 2021.
For those who’ve already filed:
And if you’ve already requested an extension, you have until October 15th to file.
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