WASHINGTON — As we head into tax season, experts are sharing their tips to ensure you have the information you need to file successfully. Xavier Epps is a financial analyst in the DMV. Epps tells WUSA9 the most important thing you can do right now is to get organized. Epps recommends putting all of your tax documents in one folder as you get them.
Getting Ahead for the Upcoming Tax Season
- REVIEW TAX LAW CHANGES!: Stay informed about any updates or changes in tax laws that might impact your filing. Understanding these changes can help you maximize deductions or credits.
- FILE EARLY: Filing early not only helps you get your potential refund sooner but also reduces the risk of falling victim to identity theft, as you'll be submitting your return before potential fraudulent filings.
- CHECK FEDERAL AND STATE WITHHOLDINGS: Review your current withholding to ensure it aligns with your financial situation. Adjustments may be needed if there have been significant changes in your income or life circumstances.
- GET CAUGHT UP ON PRIOR YEAR TAX RETURNS: It’s important to address filing tax returns from the prior year first because there are potential credits (i.e., carryforward) that you may be able to claim in future years, but you’d only know of such if you file the earlier returns first as opposed to the latest ones now.
Top 4 Ways to Keep Your Financial New Year’s Resolutions
According to a recent Forbes Health survey, improving finances was one of the top New Year's resolutions for Americans. Epps shared a few tips to help you stay on track to meet your goals.
- BE REALISTIC: Define specific, achievable, and measurable financial objectives for the year and break them down over 30, 60 and 90-day increments so you don’t lose sight of your goals
- GET USED TO THE B-WORD, BUDGET: Track your income and expenses, allocating funds for savings, investments, and essential expenditures, but the number one rule is to pay yourself each payday!
- REDUCE DEBT STRATEGICALLY: Prioritize paying off high-interest debts systematically to save on interest payments in the short and long term!
- CREATE AN EMERGENCY FUND: Build an emergency fund to cover unexpected expenses or loss of income as well as limit your leverage of credit card debt
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