Want simple tips to save money by reducing the amount of tax you owe or increasing your tax refund? Laura interviews Cece Leung, CPA, about ways to take full advantage of recent tax code changes.
If you’re like most people, the pandemic has upended your life in numerous ways. It’s caused sickness, isolation, anxiety, and financial hardship for millions of Americans. The economic stimulus packages have been a bright spot for many who desperately need assistance.
Not only did the stimulus give qualifying individuals and businesses direct payments, forgivable loans, and increased unemployment benefits, but the laws changed many aspects of your 2020 income taxes.
I interviewed Cece Leung, CPA, for expert advice about taking advantage of the new tax rules. Cece is a Certified Public Accountant and author of the upcoming podcast and book, Dear Accountant. She’s also the founder of Entrepreneur CFO, an advisory firm that helps growing companies get financially and operationally ready for their next big thing.
On the Money Girl podcast, Cece and I discuss many critical tax tips to cut what you owe or increase the tax refund you receive. Some of the topics we cover include:
- When is the optimal time to file your 2020 tax return
- How delaying Tax Day may affect when you receive a refund
- What to do if you didn’t receive an economic stimulus payment
- Which stimulus benefits are taxable and non-taxable
- What to do if you moved to another state during the pandemic
- How to handle expenses related to a home office
- Common mistakes individuals and business owners should avoid this year