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It s Not Too Late To Get These Tax Breaks for 2020
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Your Step-by-Step Guide To Approaching Taxes in 2021
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It’s Not Too Late To Get These Tax Breaks for 2020 GOBankingRates 2/2/2021 Kimberly Lankford © shapecharge / Getty Images Shot of a young couple using a laptop and going through paperwork at home.
Even though 2020 is over, it’s not too late to take advantage of some extra tax breaks for the year. But you need to take action soon and contribute to these tax-advantaged accounts before April 15. Don’t overlook these extra opportunities to save money on your 2020 taxes or build tax-free savings for the future or both.
Tax-Advantaged Savings in an IRA
Even if you already contributed to a 401(k) or other retirement-savings plans at work, you still have time to contribute to an IRA, too. You have until April 15 to contribute up to $6,000 to an IRA for 2020, or up to $7,000 if you were 50 or older last year.
Why This Is the Year You Should Hire an Accountant GOBankingRates 2/3/2021 © Ferran Traité Soler / Getty Images Two women at a meeting with a financial advisor.
There’s no shortage of do-it-yourself software services for filing taxes and a lot of them let you do the most basic stuff for free or close to it. But this year you might want to consider setting a piece of your refund aside to pay for the services of a professional accountant. 2020 was a tax year like no other, and a little money upfront could save you much more down the road in the form of mistakes never made.
16 Tax Tips for Single-Income Families GOBankingRates 3/19/2021 © PeopleImages / Getty Images young couple working on their financial taxes
In a number of situations, a family might have only one income. One parent might stay home to raise the children, or a single parent might be raising children alone due to divorce or widowhood. No matter the situation, it can be tough to make ends meet with only one income. When you consider the tax problems that could arise, it can be even more challenging.
1. Can We Claim the Child and Dependent Care Credit?
When one spouse does not have income, you cannot claim the child and dependent care credit. This credit offsets child care expenses so that both parents can work or look for work. If one parent stays at home to care for the children, you cannot claim this credit. If you are a single parent with custody of your children, however, you can claim this credit if you have income.
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