There are not a lot of credits or deductions available for single individuals. But there are some things you can do include:
- Maximize your retirement savings. You can contribute up to $23,000 to a 401K or $7,000 to an IRA. This will defer your taxes on the income until you withdrawal the funds. Remember, if you make an early withdrawal, there is a 10% penalty.
- Contribute to a FSA through your employer.
- Do a home energy project. Doing something like replacing windows, doors or insulation can reduce your tax liability by up to $1,200. If you invest in solar or wind energy home improvement, the credit is 30% of the cost of the project with no cap. It can reduce all of your tax liability for the year and can be carried forward until used all up.
- Buy a new or used hybrid or electric vehicle. This credit can be worth up to $7,500 for new vehicles and $4,000 for used. For a single individual there is an income limit of $150,000 for a new EV and $75,000 for an used EV.
As for your state tax refund, yes, you can still send it in to claim the refund. You would have to print and mail your 2021 return as only 2023 is able to be e-filed at this time.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
