HOW TO CUT YOUR 2021 TAX BILL
Kiplinger's Personal Finance|March 2022
Our guide will help you claim a higher refund or reduce the amount you owe.
SANDRA BLOCK
HOW TO CUT YOUR 2021 TAX BILL

When the Tax Cuts and Jobs Act was signed into law in 2017, proponents said it would make filing taxes easier for millions of Americans. It hasn’t worked out that way.

While the tax overhaul nearly doubled the standard deduction, sharply reducing the number of taxpayers who need to itemize deductions, taxes have become even more fraught for millions of taxpayers. In part, that’s because lawmakers have tweaked the tax code to provide credits and deductions for non-itemizers. Those tax breaks could lower your tax bill but also require more work when it comes time to file.

In addition, as Congress scrambled to prevent the COVID-19 pandemic from torpedoing the economy, it funneled billions in economic stimulus payments through the IRS in the form of tax credits. When you file your 2021 tax return, you may need to reconcile those credits to claim funds you should have received or, in a few cases, pay some of that money back.

In the next few pages, we’ll walk you through the tax-filing minefield. We’ll alert you to tax breaks you may overlook, and help you decide whether you should do your own taxes or pay a professional. And we’ll look at whether IRS customer service, which was so bad during last year’s tax filing season that only 10% of taxpayers got through to an IRS representative, will improve for this year’s filing season.

Denne historien er fra March 2022-utgaven av Kiplinger's Personal Finance.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra March 2022-utgaven av Kiplinger's Personal Finance.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA KIPLINGER'S PERSONAL FINANCESe alt
My Top 30 Index: An Update
Kiplinger's Personal Finance

My Top 30 Index: An Update

A year ago, I put together what I called \"my own reinvention\" of the Dow Jones industrial average, the popular 142-year-old large-cap index.

time-read
4 mins  |
July 2024
Balance Your Risk and Reward
Kiplinger's Personal Finance

Balance Your Risk and Reward

These new ETFs let you cut stock market losses. But you'll sacrifice some gains.

time-read
10 mins  |
July 2024
IS A HYBRID CAR RIGHT FOR YOU?
Kiplinger's Personal Finance

IS A HYBRID CAR RIGHT FOR YOU?

Hybrids offer a fuel-saving option for drivers who have reservations about all-electric vehicles. But there are trade-offs.

time-read
10+ mins  |
July 2024
HOW TO REACH YOUR INVESTING GOALS
Kiplinger's Personal Finance

HOW TO REACH YOUR INVESTING GOALS

Patience helped these four investors make their portfolios work for them.

time-read
7 mins  |
July 2024
WHERE TO INVEST NOW
Kiplinger's Personal Finance

WHERE TO INVEST NOW

Expect a lot of midyear churn, with a rally toward the end of 2024.

time-read
10+ mins  |
July 2024
TIPS FOR FINANCING A HOME PROJECT
Kiplinger's Personal Finance

TIPS FOR FINANCING A HOME PROJECT

I recently had a call with a client who was looking to fund the construction of a swimming pool at his house.

time-read
2 mins  |
July 2024
MORE WOMEN THAN EVER ARE STARTING BUSINESSES
Kiplinger's Personal Finance

MORE WOMEN THAN EVER ARE STARTING BUSINESSES

Retail and travel businesses, along with health, beauty and fitness, are popular with women entrepreneurs.

time-read
2 mins  |
July 2024
Finding Home Health Care
Kiplinger's Personal Finance

Finding Home Health Care

It’s important to hire a caregiver you trust.

time-read
2 mins  |
July 2024
UNDERSTANDING BOND FUND YIELDS
Kiplinger's Personal Finance

UNDERSTANDING BOND FUND YIELDS

What's a 30-day SEC yield? A trailing 12-month yield? A yield to maturity? We explain what each measure says about an income fund.

time-read
4 mins  |
July 2024
ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS
Kiplinger's Personal Finance

ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS

If you have federal student loans, you may benefit from new government policies. Here's what you need to know.

time-read
9 mins  |
July 2024