Managing finances properly takes planning and commitment, but sometimes we need an extra push to really cut costs. If you’re drowning in debt or struggling with living paycheck to paycheck, you might be in need of a drastic change.
A year as unusual and challenging as 2020 means there may be some additional factors that can impact your tax return, from stimulus payments, potential job changes and unemployment benefits, to virtual work transitions and more.
If you want to reduce the money you owe the IRS, you need to claim all of the tax deductions and credits that are available to you. Both deductions and credits can have a big effect on reducing your tax bill, but they are definitely not the same -- and one is much more valuable than the other.