Tax season can be a daunting time for many individuals, but with the right guidance and approach, navigating the process can be smoother and more rewarding. In a recent segment on Today show’s “Money Matters,” financial expert Brittany Jones-Cooper shared invaluable advice aimed at helping viewers sidestep common mistakes that could potentially delay their tax returns. From timing your filing to maximizing deductions, her insights shed light on key strategies for a stress-free tax season.
One of the first points Brittany emphasized was the importance of timing when it comes to filing taxes. “You don’t want to file too early; you don’t want to file too late,” she advised. Filing too early may result in overlooking essential documents, while filing late could lead to penalties and delays. Her recommendations? Begin by gathering all necessary documents to ensure a smooth filing process.
Furthermore, Brittany highlighted the significance of using the available resources. Whether it’s accessing free filing options for eligible individuals, seeking tax assistance programs, or leveraging the IRS Free File for incomes under $80K, exploring these avenues can help minimize costs and maximize returns.
To ensure taxpayers are getting the most out of their returns, Brittany stressed the importance of reviewing credits and deductions meticulously. From caregiver credits to deductions for home offices and student loan interest payments, familiarizing oneself with available benefits can lead to significant savings.
In the event of errors, Brittany advised promptly addressing and rectifying them to avoid further complications. Ignoring correspondence from the IRS is ill-advised, as failure to respond could result in unwanted repercussions. As tax season unfolds, incorporating these strategies can help individuals navigate the process with confidence and efficiency.
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In the realm of personal finance, knowledge is power, and equipping oneself with the right information and strategies can pave the way for financial success. As viewers absorb the insight shared by Brittany Jones-Cooper, they’re empowered to tackle tax season with clarity, ensuring their returns are both accurate and optimized for maximum benefit. To myself and everyone out there, good luck on your tax season!
To gain even more important tax knowledge, click the video.
