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.
The incoming Fed decision will likely be good news for consumers with high-yield saving options, but bad news for borrowers (like anyone with high credit debt).
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