Vincenza Vicari-Bentley, AFC
Empowering Financial Wellness Program Coordinator
If your goal is to have just the right amount of withholdings so that you end up getting a very small refund or writing a very small check to Uncle Sam, then the accuracy of your W-4 is critical. The W-4 form essentially tells your employer how much you want withheld from each paycheck to go towards your tax bill. The 2017 Tax Cuts and Jobs Act changed a lot of tax rules, including doing away with personal exemptions on the W-4 form.
Amanda H. Christensen, AFC, Extension Associate Professor
Utah Money Moms Editor
Is it really worth the hassle to sit down with your teen and fill out a 1040 Form in addition to worrying about your own taxes this time of year? Y.E.S. Today I'm sharing three reasons why the benefits of teenagers filing a tax return for their seasonal income working summer or holiday jobs is well worth the minimal hassle. Here's some need-to-know personal finance knowledge if you're the parent of a teen.
When do Teens Have to File a Return? Americans are legally required to file a federal return when they make at least the standard deduction for the 2021 tax year which is $12,550. Earn less than that, as many teenagers do, and you don’t have to file.
Amanda H. Christensen, AFC, UMM Editor, Extension Professor
Identity thieves have had a heyday with pandemic-related schemes and scams aimed at obtaining your information to apply for credit, unemployment benefits, file taxes, buy things, or get medical services. The good news? There are things you can do to protect yourself that I’m sharing today in honor of #IDTheftWeek. Read on!
Vincenza Vicari-Bentley, AFC
Did you get a big refund this year or did you owe taxes that you didn’t expect? Do you know how much your employer is withholding for taxes from your paycheck? A mid-year paycheck checkup for your 2021 taxes is important for staying ahead of the game and to make sure you are having the right amount of taxes taken out of your pay. No one likes surprises come tax time and this will hopefully eliminate that chance. It only takes a few minutes to do a paycheck check-up now.
KristiLyn Wilkinson, Empowering Financial Wellness Program Manager
When I say “it’s that time of year again,” I know most of you wish I was talking about pumpkin spice everything and not taxes. I bet most people don’t enjoy doing their taxes or owing money for taxes, but I know a lot of people who do look forward to getting their tax refunds. When it comes to saving money on your taxes, tax credits are your best friend. Adjustments and deductions lower your taxable income by a certain percentage (this is based on your marginal tax bracket). Tax credits, however, let you reduce the amount of tax you owe dollar for dollar and that means more money back in your pocket!
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