April 18th is just around the corner, and as the tax deadline approaches, there are many things to consider including the tax credits and economic impact payments you may have received due to the pandemic.
If you did not receive the relief payments, check to see if you qualify.
Did you know that for 2021 there is no age cap for workers to qualify for the earned income tax credit? In the past, you had to be under age 65 to claim this credit.
Here are some smart ideas to avoid paying more than you should:
- File your tax returns early and online to help avoid delays.
- Sign up for electronic deposit.
- Make sure your returns are accurate.
- Consider incorporating Qualified Charitable Distributions to impact your return.
- Max out accounts to lower your taxable income; think retirement, flexible savings account and health savings account.
- Take advantage of being a homeowner to gain additional deductions.
Learn More about Taxes at PVCC
Paradise Valley Community College offers an associate degree and certificate of completion in Accounting, as well as an Enrolled Agent program. In just one year, you can become a federally licensed tax preparer and earn the EA designation. For more information, contact Lynn F Clark, CPA, Accounting Faculty, firstname.lastname@example.org, 602-787-6742