What You Need to Know About Taxes in 2021
Student Loan Planner · Travis Hornsby
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Show Notes
Did someone say "tax party?" I'm joined by Lauryn, Meagan and Dan, one of our newest consultants, on the podcast to discuss taxes. We talk about 2020 taxes and things to keep in mind as 2021 unfolds, including the student loan interest deduction, best practices for your traditional or Roth IRA in 2021, how to make full use of the small business deduction, what you need to know about married filing separately versus married filing jointly and much more.
In today's episode, you'll find out:
- Challenges presented by this year's student loan interest deduction
- New guidance on how lump sum payments by employers might qualify for certain forgiveness programs
- What you can do with your traditional or Roth IRA before the end of the year
- The worst-case scenario if you screw up your taxes
- How to take advantage of the small business deduction
- What to know about income-driven repayment plans
- The strategy behind married filing separately versus married filing jointly
- How amended returns can potentially save you money
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