John Waggoner, AARP, Updated January 28, 2021
You might be filling out your tax return for 2020, but you’re living in tax year 2021, and tax year 2021 has substantial differences from 2020. Your tax brackets are slightly higher, for example, as is your standard deduction.
You don’t have many options for reducing your 2020 tax bill. For many tax deductions, the door slams shut on December 31. (There are a few.) Still, knowing the tax brackets for 2021 can help make filing your federal income taxes easier next year.
Read more HERE.
Tax Tips After January 1, 2021
Updated for Tax Year 2020 – Your tax bill isn’t chiseled in stone at the end of the year. Here are 10 tax tips and steps you can take after January 1 to help you lower your taxes, save money when preparing your tax return, and avoid tax penalties. Read HERE.