Federal Tax, Individual Tax, Tax

Taxpayer Year-End Reminders

As 2021 comes to an end, the IRS wants to remind you of certain tasks you may want to accomplish before Dec. 31. To reduce this year’s tax liability, charitable donations must be made by year-end. In 2021, even those who don’t itemize can claim a limited $300 deduction, or $600 for married couples who file jointly. You can also reduce your tax bill by maximizing contributions to a 401(k) or 403(b) plan (up to $19,500 in 2021). Those who have an Individual Taxpayer Identification Number (ITIN) should check to see if it expires and must be renewed in 2021. For quicker access to any refund you may be due, set up a bank account with direct deposit. Click here for more tips. Contact the Cg Team with questions.
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