Think tax time is tough? Take it from me: It used to be a lot tougher.

When I became a CPA 40 years ago, you did taxes with a pencil, not a computer. To uncover deductions, you waded through wads of paper rather than opening an expense-tracking app. When you were done, you mailed in your tax form, along with a paper check if you owed. If you didn't, you waited weeks for your refund check.

If you went to an accountant or other tax professional, which was the only thing you could do if you didn't do it by hand, you paid through the nose for the privilege.

These days paying taxes may still be painful, but the process of filing is easier, smoother and much faster. If they're simple, now you can do your taxes in five minutes on your cell phone. Even if they're complicated, if you keep good digital records, you can be done in an hour or two.

While there are still pros out there who want to charge big bucks to do your taxes for you, now there are myriad ways to get your taxes done for nothing. According to the IRS, about 70% of Americans who file taxes, about 100 million of us, are eligible for any number of free programs through the IRS.

But even though filing is easier today, one thing that isn't is keeping on top of all the potential tax savings available. There are tons of tips and tricks you can use to legally lower your tax bill. You just need to know what they are.

That's what this week's "Money!" podcast is about. We're going to talk about often overlooked deductions and tax credits, including things you can do now to reduce your 2021 taxes. And we're going to try to do it without boring you to death in the process.

As usual, my co-host will be financial journalist Miranda Marquit. Listening in and sometimes contributing is producer and novice investor Aaron Freeman. 

Want more information? Check out these resources:
Commonly Overlooked Tax Breaks and Other Tax Stuff to Know
Tax Strategies That Save You Money
TurboTax: The 10 Most Overlooked Tax Deductions
Investopedia: The Most Overlooked Tax Deductions
Kiplinger: 20 Most-Overlooked Tax Deductions, Credits and Exemptions
Jackson Hewitt: Top 50 Most Overlooked Deductions
MoneyWise: 9 tax breaks and deductions that are easy to overlook — start thinking about them now
US News: Tax Write-Offs You Shouldn't Overlook
NerdWallet: 12 Tips to Cut Your Tax Bill This Year
US News: 18 Legal Secrets to Reducing Your Taxes
CNBC: 5 tax tricks that could save you thousands
NerdWallet: IRS Free File & How to Get Free Tax Preparation or Free Tax Help in 2022
Stacy's stock portfolio
Subscribe to the Money Talks News newsletter
Take our course The Only Retirement Guide You'll Ever Need
Take our course Money Made Simple
Miranda Marquit's website

Think tax time is tough? Take it from me: It used to be a lot tougher.
When I became a CPA 40 years ago, you did taxes with a pencil, not a computer. To uncover deductions, you waded through wads of paper rather than opening an expense-tracking app. When you were done, you mailed in your tax form, along with a paper check if you owed. If you didn't, you waited weeks for your refund check.
If you went to an accountant or other tax professional, which was the only thing you could do if you didn't do it by hand, you paid through the nose for the privilege.
These days paying taxes may still be painful, but the process of filing is easier, smoother and much faster. If they're simple, now you can do your taxes in five minutes on your cell phone. Even if they're complicated, if you keep good digital records, you can be done in an hour or two.
While there are still pros out there who want to charge big bucks to do your taxes for you, now there are myriad ways to get your taxes done for nothing. According to the IRS, about <a href="https://www.cnbc.com/2021/01/25/many-americans-can-file-their-taxes-for-free-heres-how-to-do-it.html">70% of Americans</a> who file taxes, about 100 million of us, are eligible for any number of free programs through the IRS.
But even though filing is easier today, one thing that isn't is keeping on top of all the potential tax savings available. There are tons of tips and tricks you can use to legally lower your tax bill. You just need to know what they are.
That's what this week's <a href="https://www.moneytalksnews.com/podcasts/">"Money!" podcast</a> is about. We're going to talk about often overlooked deductions and tax credits, including things you can do now to reduce your 2021 taxes. And we're going to try to do it without boring you to death in the process.
As usual, my co-host will be financial journalist <a href="https://www.moneytalksnews.com/author/mirandamarquit/">Miranda Marquit</a>. Listening in and sometimes contributing is producer and novice investor <a href="https://www.moneytalksnews.com/author/aaronfreeman/">Aaron Freeman</a>.&nbsp;
Want more information? Check out these resources:
<ul>
<li><a href="https://www.moneytalksnews.com/commonly-overlooked-tax-breaks-and-other-tax-stuff-to-know/">Commonly Overlooked Tax Breaks and Other Tax Stuff to Know</a></li>
<li><a href="https://www.moneytalksnews.com/slideshows/tax-strategies-that-save-you-money/">Tax Strategies That Save You Money</a></li>
<li>TurboTax: <a href="https://turbotax.intuit.com/tax-tips/fun-facts/the-10-most-overlooked-tax-deductions/L2WjmvZAH">The 10 Most Overlooked Tax Deductions</a></li>
<li>Investopedia: <a href="https://www.investopedia.com/articles/tax/09/overlooked-tax-deductions.asp">The Most Overlooked Tax Deductions</a></li>
<li>Kiplinger: <a href="https://www.kiplinger.com/taxes/602075/most-overlooked-tax-breaks-and-deductions">20 Most-Overlooked Tax Deductions, Credits and Exemptions</a></li>
<li>Jackson Hewitt: <a href="https://www.jacksonhewitt.com/tax-help/tax-tips-topics/filing-your-taxes/overlooked-deductions/">Top 50 Most Overlooked Deductions</a></li>
<li>MoneyWise: <a href="https://www.yahoo.com/video/9-overlooked-tax-breaks-deductions-180000616.html">9 tax breaks and deductions that are easy to overlook &mdash; start thinking about them now</a></li>
<li>US News: <a href="https://money.usnews.com/money/personal-finance/taxes/articles/tax-write-offs-you-shouldnt-overlook">Tax Write-Offs You Shouldn't Overlook</a></li>
<li>NerdWallet: <a href="https://www.nerdwallet.com/article/taxes/tips-save-taxes">12 Tips to Cut Your Tax Bill This Year</a></li>
<li>US News: <a href="https://money.usnews.com/money/personal-finance/articles/legal-secrets-to-reducing-your-taxes">18 Legal Secrets to Reducing Your Taxes</a></li>
<li>CNBC: <a href="https://www.cnbc.com/2020/02/14/5-tax-tips-that-could-save-you-thousands-of-dollars.html">5 tax tricks that could save you thousands</a></li>
<li>NerdWallet: <a href="https://www.nerdwallet.com/article/taxes/irs-free-file-tax-preparation-help">IRS Free File &amp; How to Get Free Tax Preparation or Free Tax Help in 2022</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1h09OsyC3tPHYoSxJEsmo97mciSKfA1w3IbsDRCWMLpQ/edit?usp=sharing">Stacy's stock portfolio</a></li>
<li>Subscribe to the <a href="https://www.moneytalksnews.com/#newsletter">Money Talks News newsletter</a></li>
<li>Take our course&nbsp;<a href="https://unb.moneytalksnews.com/retirement-guide/">The Only Retirement Guide You'll Ever Need</a></li>
<li>Take our course&nbsp;<a href="https://www.moneytalksnews.com/courses/money-made-simple/">Money Made Simple</a></li>
<li><a href="http://mirandamarquit.com/">Miranda Marquit's website</a></li>
</ul>

Welcome to Money Talks News: The Podcast, a podcast devoted to everything money: how to get it, how to grow it and how to keep it. From the creators of MoneyTalksNews.com, a leading source of personal finance news and advice since 1991.

Welcome to Money Talks News: The Podcast, a podcast devoted to everything money: how to get it, how to grow it and how to keep it. From the creators of MoneyTalksNews.com, a leading source of personal finance news and advice since 1991.

Money Talks News: The Podcast

The 10 Best Ways to Lower Your Tax Bill This Year

https://api.omny.fm/orgs/67ee9ddc-11a3-4cec-841d-ac9a015d5b41/clips/f3fbfaa8-6b28-4f7f-9abf-ae5201588d17/transcript

Transcript

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