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Tips to Maximize Your Tax Refund in 2021

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.

By
Laura Adams, MBA
2-minute read
Episode #677
The Quick And Dirty

According to Cece Leung, CPA, “If you take full advantage of the tax code, you can often reduce your tax liability by far more than the cost of good tax preparation services. Just make sure you’re working with someone who will listen carefully to your unique situation and ask the right questions.”

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

Listen to the interview by clicking the audio player above or listen on Apple, Spotify, SoundCloud, Stitcher, or wherever you get your podcasts.

About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura's previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.