7 Tips for Getting the Biggest Refund Check Possible

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6. Maximize IRA contributions

Maximizing IRA contributions is probably the best way to increase your tax refund. Why? You’re getting a lot of benefits such as a great life in your golden years and minimizing the total taxable income. It is quite simple: the more you’re contributing to an Individual Retirement Account, the less you’ll pay taxes.

However, you should be sure to make the IRA contribution by the deadline, and it is also essential to understand your limits. For this year, you can deduct a maximum of $6,000 ($7,000 if you are 50 or older) in IRA contributions from your taxable income. It’s better to talk to a tax professional in order to ensure that your IRA contributions are made the right way.

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Beer with friends.

Do You Know Which States Have the Highest Beer Taxes?

Alaska Unsurprisingly, alcohol is pretty pricey in Alaska, among other things. Here, you’ll find the second-highest federal tax per gallon in the U.S., at $1.07. Though let’s be honest, if you want to really keep warm during long Alaskan winters,

Social Security Projections to Add to Your List of Worries

4. COLAs may be calculated differently  Are you a Social Security recipient? Then get ready for a 1.3 percent increase in 2021. The Cost-Of-Living Adjustment percentage is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.

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