December 6, 2021
What if you’re missing a child tax credit payment? Or missing an unemployment refund? Or even a stimulus payment from back in march?
I sat down to talk with the IRS spokesperson about all that plus we talked about some last minute things you can do before the end of 2021 to reduce your tax liability before you file next year.
Things like –
- Making charitable donations,
- Maxing out your retirement account contributions,
- Maybe deferring or accelerating income depending on where you are with your tax obligations…
But also the IRS suggests taking a look at your withholding. If it’s too late to change anything for 2021 – maybe think about a change for 2022.
“you’re over withheld. I know there’s only a month left. You may have some time left to make an adjustment and you may be able to put a few extra bucks into your pocket before the holidays. But adjusting your withholdings to bring the withholding closer in line with what you actually owe is never a bad idea.”
The IRS spokesperson acknowledged that for some of you — refunds didn’t go out in 2021 as quickly as they did in the past – and for some of you – you’re still waiting. By bringing your withholding more in line with what you actually owe – you get to keep your money in your pocket throughout the year. Instead of waiting on the government to refund you.
You can watch my full interview on beond.tv.
