Just One Thing for March

Our “Just One Thing” for March (and early April if you’re a last-minute type, no judgement) is doing your taxes. Unlike the last few years the tax deadline has not been extended. The deadline for filing your 2021 taxes is Monday, April 18th.

We’ll have more on taxes over the next few weeks, but for this week we’re focusing on 2 things:

1. Changes that could affect your 2021 tax filing. There are a number of changes to be aware of this year related to child tax credits, student loan forgiveness, increases to standard and charitable deductions, and the return of taxes on unemployment benefits. The IRS has a detailed explainer here: https://www.irs.gov/newsroom/irs-expanded-credits-for-families-highlight-tax-changes-for-2021-many-people-who-dont-normally-file-should-file-this-year and there’s a good summary of the changes by H&R Block here: https://www.hrblock.com/tax-center/filing/tax-law-changes/

2. Deciding how to file your taxes. There are lots of options, including some surprising free ones for some people. We have a short explainer of the options, and how to choose which is best for you, right here.