Stretch Your Dollar: Changing your tax refund or balance due

Stretch Your Dollar

Many taxpayers have yet to square up with Uncle Sam. If you’re worried about what your return or bill will look like, it’s not too late to make a change.

We are stretching your dollar with a look at what you can do.

If you haven’t already, it is time to make that appointment with your tax-preparer as we approach the one month mark when all taxes will be due.

One big reason people wait to file is the fear of what they’ll owe.

Although H&R Block‘s Karen Orosco told News 8’s, there’s still time to make adjustments.

“If you don’t like your outcome this year but you haven’t filed yet, you can still potentially make changes to this years refund or minimize your balance due by contributing to an IRA and those contributions can be made all the way up to the filing deadline, said Orosco. 

If you’ve already filed, the easiest change to make for next year is adjust your W-4 withholding. The earlier you do it, the more paychecks will be impacted by the changes.

If you’re filing on your own, be sure to include any life changes from last year that could maximize your return.

“Every year the busiest of Americans have life changes, so the birth of a child, graduation, retirement, job relocation, all of those life changes can turn into potential tax changes as well,” said Orosco.  

Or if you’re struggling to make time for your tax preparer this year, consider filing on your own. There are a number of free or low-cost programs that you can do at your fingertips. 

You have the luxury to do it on your own time while staying on good terms with Uncle Sam.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss

More Don't Miss