![]() Get help with your other debts: * If your other debts will make it difficult for you to deal with a higher tax bill, you should consider a debt consolidation loan that can allow you to pay off your debts at a lower interest rate and hopefully take some of the pressure off. Reducing your tax liability to keep more of your money is a winning strategy.īring in a pro: Need even more ideas? Why not work with a legit financial adviser to come up with some other strategies to set you up for financial success. What the American Rescue Plan does is exempt the first 10,200 of federal unemployment benefits from your taxable income. Unemployment Income Tax Exclusion IRS Paying >10,200 Unemployment. Retirement planning: You may think planning for retirement exclusively has long-term benefits, but contributing to a retirement account is another excellent way to claw back some of your income from the IRS. In regards to taxes, unemployment benefits are generally treated as income. If you are unemployed, you may file a claim for unemployment insurance benefits in. There are plenty of apps out there for beginners, that allow you to do things like invest your spare change. Unemployment benefits are included along with your other income such as wages, salaries, and bank interest (For tax year 2020, the first 10,200 of unemployment income were tax free for taxpayers with an AGI of less than 150,000 regardless of filing status). Investing: A great way to grow your money and reduce your tax liability is to start investing in stocks. ![]() ![]() Here are a few options you can enlist to claim more back in the years to come - especially with a potential tax hike coming down the pipe. Many taxpayers miss out on some great tax benefits simply by not spending their income strategically enough. Even if you’re taking advantage of all the tax breaks out there, you may feel like you’re not getting back enough on your refund year after year.
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