Conquer Tax Season – U.S. News Money

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Tax season is in full force, but there’s no need to stress – with less than a month left to track down W2s, U.S. News & World Report provides the resources to help consumers stay on top of their taxes this year. Stay in the know with tips from U.S. News Personal Finance Editor Susannah Snider:

  1. What, exactly, is a tax refund? Don’t think of a refund as “free money” – it’s actually already yours. In fact, experts often describe the money in your refund as an interest-free loan to Uncle Sam. That money could be better spent growing in a retirement account, padding your emergency savings or funding another financial goal. If you’re consistently receiving massive tax refunds, consider whether you should adjust your withholding.
  2. Get the most out of your refund. Get started on your taxes at the beginning of the year, if possible, so the race against the clock doesn’t cause you to forget or neglect potential tax credits or subsidies that could be in your pocket. Filing early will also help protect you against a common financial scam in which fraudsters file a tax return in your name and steal your refund.
  3. Once you receive a tax refund, use it wisely. While treating yourself isn’t always a bad idea, if you have more pressing financial obligations, or your emergency fund needs a boost, use some of that money to help reach those financial goals.

“Taxes can be a daunting task for any household, especially with the uncertainty that follows a new tax plan,” Snider said. “At U.S. News Money, we’re here to provide comprehensive trends, tips and analysis that give all consumers the opportunity to create and implement an action plan for their taxes this year and in the future.”

Here are additional resources to assist in conquering the season:

U.S. News has kept abreast of trends in the workplace and investing, including the growing gig economy, the popularity of bitcoin, the GOP tax plan and the impact of those trends on this year’s taxes. In addition, consumers can access updated resources on tax returns, tax refunds, tax documents and other evergreen information that filers can use year after year.

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