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.
Apple CEO Tim Cook said Thursday that the majority of iPhones sold in the U.S. in the current fiscal quarter will be sourced from India, while iPads and other devices will come from Vietnam as the company works to avoid the impact of President Trump’s tariffs on its business. Apple’s earnings for the first three months of the year topped Wall Street’s expectations thanks to high demand for its iPhones, and the company said tariffs had a limited effect on the fiscal second quarter’s results. Cook added that for the current quarter, assuming things don’t change, Apple expects to see $900 million added to its costs as a result of the tariffs.
