Money Monday: tips for the tax season

Money Monday: tips for the tax season

With tax season around the corner, H&R Block’s Kathy Pickering is here for you with 6News with some expert advice on tax planning before the season starts.

LANSING, Mich. (WLNS) – As 2021 comes to a close, so have our 2021 taxes.

Highlights

  • You can make last minute contributions to your retirement savings account, such as your 401K or IRA. Not only are you getting the benefit of saving for retirement, you’re also getting the benefit of reducing your taxes.

  • This week, we’re looking at last-minute contributions and charitable donations.

A special tax break is in effect this year, which means individual taxpayers can deduct up to $300 for charitable donations. Married couples filing jointly can deduct up to $600.

There’s still time to make charitable donations, too.

Just don’t forget the receipts, just in case the IRS comes back and asks you about your donations.

Pickering also recommends gathering all your tax documents and filing sooner rather than later.

“By filing early it ensures that you’re mush less susceptible to identity theft,” said Pickering. The federal filing deadline is April 18.