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've gotten every deduction and credit you're entitled to. After all, if you're in the 24% tax bracket, 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 titled to, can you claim a credit? Is unemployment taxable? Is qualifying for next stimulus payment going to be based on your 2019, or 2020, income?
We're about to find the answers to these and lots more questions.
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