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Video instructions and help with filling out and completing 2021 estimated tax due dates
Yo wouldn't do you - I've got 5 tips to help you maximize your 2021 tax refund that and more coming up hey what's up guys this is Eli with build your tomorrow a channel dedicated to everything and anything personal finance we believe in spending less than we earn saving money paying down that making sound investments but most importantly guys we believe in investing in ourselves so if you are new here consider subscribing the first tip to maximizing your tax refund is to start immediately the fact of the matter is that filing our taxes requires so many documents we need a document from the bank shown how much interest we paid on our student loans we need a document from the bank showing how much interest we paid on our mortgage the bottom line is that we need all kinds of stuff and so if we don't start immediately and take the time to gather all the documents we need then we risk not getting the highest refund possible the second tip the second tip to maximizing your 2021 tax refund is to get organized there's nothing better than to easily find something when you're looking for it so consider using a service like Google Drive where you can create a folder called tax year 2021 and save all of your receipts spreadsheets ideas notes strategies in the central place that is accessible from any device another really good service that I'm a fan of is QuickBooks by Intuit on this platform you can't save your receipts categorize expenses and run reports that you can then give to your accountant when you're preparing your taxes regardless of what service you use whether it's Google Drive or Intuit staying organized is the most important thing it'll really help you down the road if you ever get audited the third tip to maximizing your 2021 tax refund is to contribute to an I are a contributing to an IRA reducing their taxable income which reduces your tax liability if you don't already have an IRA then consider setting one up you can do so online or just walk into your local neighborhood bank branch the maximum that you can contribute to a personal individual retirement account for tax year 2021 is $5,500 now if $5,500 is a lot of money you can still contribute let's say $2,500 and still get a very nice break and as a bonus consider searching online for a new checking account coupon I know that Chase Bank likes to reward its new customers with $100 sometimes 125 dollars sometimes even 150 dollars if you open up a new checking account with direct deposit so go online search chase new account coupon right and maybe you can get a bonus for setting that up and then on top of that set up your IRA whipped Chase right and then get the tax break from putting money into a retirement account it's a win-win.