It's the beginning of tax season and for some, it brings much anxiety. Kimberly Palmer, NerdWallet's Banking Expert, joins Your Cheddar to discuss everything you need to know before April 17th.
One of the biggest questions people struggle with is whether or not to do their taxes themselves. Palmer suggests going through a tax professional if you're self-employed, have complicated investments, had a big life change in the past year or are being audited. In order to file you must have all your paperwork in order which consists of (but is not limited to) your W2, investment income paperwork, and statements for your mortgage and student loan interest.
Once you get all your ducks in a row, how can you fast-track your refund? Palmer suggests filing online. That could get you your refund in as quickly as 7 days. She also says if you add a link to your bank account for a direct deposit you'll get your refund quicker.
It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
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