November 22, 2020

IRS Refund Schedule 2022

IRS Refund Schedule 2022 hi everyone welcome back to my channel I'm in finance if you're new here welcome I'm so happy to have you be sure to get the subscribe button because I do upload new videos every single, week okay so it's 2020 tax filing. Season is upon us and I thought I'd pop on here real quick just to share my top three secrets for getting back.

The biggest refund possible okay so before I go ahead and share my top 30 tax, secrets with you all I just want to put this disclaimer out there this is not professional tax advice this is not, for your specific situation this is just general types advice to give you guys a little bit more information on what types of things you need to look for when having your tax. Return prepared or when preparing it yourself so if you do need professional tax advice please reach out to your professional. Exit visor many Americans, leave money on the table when it comes to cleaning tax credits and deductions and I found out an interesting fact the other yeah you know that over 6, million eligible Americans don't claim the Earned Income Tax Credit that is just like absolutely astonishing because they're leaving so much money on the table. The average income tax credit received last year was just. Over $2,500 and you might be interested in knowing that even if you don't have children and if you're single you still may qualify for the, Earned Income Tax Credit now I found an interesting tool on the IRS website that you can use to find out if you're eligible for the, Earned Income Tax Credit I'll leave a link to it in the description box below so go ahead and check that out if, you're not sure if you qualify or not ok so that leads me to.

My tax secret number one know your tax credits and deductions a tax credit is, a dollar-for-dollar deduction of your tax liability which makes tax cut it's very valuable I'm so for example if you, have a few old IRAs a thousand dollars but you get a thousand dollars tax credit that will automatically, reduce your tax liability down to $0 which is pretty cool now on the other hand a tax. Deduction won't reduce your tax liabilities in a way that a tax credit well but it will potentially exempt part of your taxable income so for example if you get a, tax deduction of $1,000 that's $1,000 in earnings that the IRS won't tax you on so you can see the benefits. Of the deductions as well tax secret number 2, timing is everything you want to look for payments and contributions that you can make before December 31st that may potentially.

Reduce your taxable income for example you may want to make some last-minute charitable contributions that you may be able to write off you may want to, make January's mortgage payment before December 31st and that way you can add an interest of the nagas interest deduction which would be very helpful. Or you may want to think. About scheduling any doctor's visits or exams before the end of the year in order to potentially increase your medical expense deduction especially if you already met your, medical deductible for the year ok now these are.

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