Commonly Overlooked Tax Breaks and Other Tax Stuff to Know

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Here we go again; tax time has officially begun.

If you’re getting a refund, you need to file ASAP. There’s no reason to offer Uncle Sam an interest-free loan.

But before you file those taxes, it will pay — literally — to make sure you get every deduction and credit you’re entitled to. After all, if you’re in the 24% tax bracket, for example, every $100 you deduct is $24 in your pocket. And every $100 credit is worth $100.

That’s what we’re going to help you do in this week’s “Money!” podcast. We’re going to help you find ways to legally lower your income tax bill, as well as answer some common questions. For example, do you know if your stimulus payment has to be reported as income? If you didn’t get the stimulus payment you were entitled to, can you claim a credit? Is unemployment taxable?

We’re about to find the answers to these and lots more questions.

As usual, my co-hosts will be financial journalist Miranda Marquit and producer and sound effects guy Aaron Freeman.

Sit back, relax and listen to this week’s “Money!” podcast:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Not familiar with podcasts?

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They’re totally free. They can be any length (ours are typically about a half-hour), feature any number of people and cover any topic you can possibly think of. You can listen at home, in the car, while jogging or, if you’re like me, when riding your bike.

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Show notes

Want more information? Here’s additional reading and resources:

• MTN: “Will You Owe Taxes on Last Year’s Stimulus Payments?“
• MTN: “You’re Almost Out of Time for This Coronavirus Tax Break” (about the $300 charitable deduction)
• MTN: “10 Ways Your Income Taxes Will Be Different in 2021” (includes details about the earned income credit)
• MTN: “7 Income Tax Breaks That Retirees Often Overlook“
• CNBC: “This tax pitfall could affect millions due to Covid. Here’s what you need to know” (about the taxability of unemployment benefits)
• Money Crashers: “List of 14 Commonly Overlooked Personal Tax Deductions & Credits for Individuals“
• Jackson Hewitt: “Top 50 Most Overlooked Deductions“
• CNN: “2020 taxes: Everything you need to know about filing this year“
• Credit Karma Tax
• MyFreeTaxes (from the United Way)
• Find a Location for Free Tax Help (for the IRS’ VITA and TCE programs)
• Free File (from the IRS and its Free File partners)
• (800) 829-1040 (for IRS live phone assistance — which the agency cautions “is extremely limited at this time”)
• Subscribe: Money Talks News newsletter
• Take our course: The Only Retirement Guide You’ll Ever Need
• Take our course: Money Made Simple

About me

I founded Money Talks News in 1991. I’m a CPA, and I have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.