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Every year during this time, we reconcile our earnings and deductions for Uncle Sam and either fork over more dough or humbly request that a little be given back. If you follow the strategies of this blog you may not have much tax liability to begin with, but if you find yourself in a position where you owe the IRS and were wondering if you could earn rewards points on that payment, the answer is yes. More significantly, there’s an interesting trick where you can potentially earn hundreds of thousands of points and miles by making estimated payments which is discussed below.
(GCC: I am often asked, “Do you know any good CPAs?” and “What are some good tools for doing my taxes?” I never thought both questions could share a common answer – Kathryn from Making Your Money Matter is a CPA (who gets it) who has developed some very cool tools for doing taxes (and more) that cost less than an hour with a CPA. Disclaimer: links in this post are affiliate links.)
I remember the first time I found Go Curry Cracker and read one of Jeremy’s blog posts going through his tax return in detail. It covered his then-recently filed 2015 tax return, with over six figures of income and still no income tax due (only a small amount of self-employment taxes).
I’d like to say that I—a CPA—was intuitively able to do a quick review of the numbers and figure out pretty fast how this worked out. However, I had to pull out a pen and paper and calculate it by hand just to make sure it made sense.
Each spring since, I’ve looked forward to the annual tax return reveal. (GCC: 2021 tax return coming soon!)
If you have ever wondered, How can I optimize my taxes in the same way… without all the hassle of becoming a tax nerd first, well… have I got a tool for you.