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DETROIT NATIVE SUN
DETROIT NATIVE SUN
(StatePoint) Research shows that if you’re dreading tax season, you’re not alone.
According to the Pew Research Center, 47% of Americans say they are bothered a lot by the complexity of the federal tax system. Other taxpayers stress out over getting the details right. In a Credello survey, 22% of respondents say not maximizing their refund is their biggest fear around doing taxes, while another 22% said their biggest fear is making a mistake.
“Many Americans rely on their tax refund to make ends meet. Accessing those funds should be fast and easy,” says Chad Prashad, president and CEO of World Finance.
To help you get a handle on your taxes, World Finance is drawing on its 26 years of filing expertise to offer these timely tips:
• Get ready early. As soon as your employer provides your W2, you can file your taxes. Having all other documentation and receipts ready to go will help expedite the process, which means you will get your tax return faster, too. Collect the necessary materials in one place before filing.
• Consider significant life changes. Did you move in 2022? Have a baby? Get married? Change jobs? Each of these monumental life events can have an impact on your taxes, so be sure to disclose these factors when filing or to the professional filing on your behalf.
• Know what’s new. Visit IRS.gov to learn about any changes to tax filings that are applicable to you. A tax services professional can also help you identify relevant updates. World Finance tax pros have year-round training to stay on top of the latest tax filing requirements and are ready to tailor tax services to each tax customer’s financial situation.
• Review and adjust. Once you know what your return is going to be this year, make any necessary adjustments to your W2 to make sure you’re withholding enough during the year. If this is your first year working with a professional tax service, have them review your previous years’ filings as well. You may be able to recover additional refunds if anything was missed. World Finance offers this service for no additional charge.
• Consider a tax refund loan. After filing, you can potentially take out a loan for the amount of your expected refund. This is known as a tax refund loan and an option to consider if you need your refund as soon as possible.
• Work with a professional. Filing your taxes with a software program is a low-cost option, but only if you have time to dedicate to the task, and the know-how to get your biggest possible tax return. Working with a reliable, trusted tax preparation service can help ensure your taxes are filed correctly, and your return is as substantial as it can be. Look for a service that offers transparent pricing, flexible filing options and same-day Tax Advance Loans, such as World Finance. For more information, visit loansbyworld.com/taxes.
Tax season doesn’t need to create headaches, fears, or anxieties. By gathering important tax documents in advance and understanding your filing and refund options, you can have confidence that you’ve maximized the value and timeliness of your tax return.
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(StatePoint) After a holiday season spent racking up credit card bills, many Americans consider making financial resolutions in the New Year. However, now is the perfect time to not only reevaluate your saving and spending, but also commit to creating a more holistic financial plan designed to protect your finances and your family.
Consumers are seeking stability and preparedness in today’s uncertain economic environment, according to a recent Consumer Sentiment Tracker study by Lincoln Financial Group. With ongoing inflation and market volatility, 56% of respondents cited protection from risk as being most important to them. When it comes to thinking about their finances, people said they have the greatest interest in protecting their family (39%) followed by their income (26%).
“Our research reinforced the importance of financial solutions that can help consumers navigate through market cycles and protect their loved ones,” said David Berkowitz, president, Lincoln Financial Network, Lincoln Financial’s wealth management business. “People are not only concerned about having enough to pay their bills, but also saving for retirement and preparing for the unexpected. It’s important to have a well-rounded financial plan that can address those risks, protect assets and create positive outcomes for today’s families.”
To achieve a stronger financial future, don’t neglect your finances in 2023 — instead, add a little TLC (Talk, Learn, Commit). Resolve to create a robust financial plan using these three tips from Lincoln Financial:
1. Talk about it. Financial conversations play a crucial role. Be transparent with your loved ones about financial priorities so you can set expectations and work toward your shared financial goals. Also, consider talking to a financial professional who can help identify solutions that best meet your individual needs. Lincoln’s research found those who work with financial professionals are more likely to prioritize retirement savings (26% vs. 10%).
2. Learn more about tax-deferred investments. Life insurance can be more than just a death benefit, with some types of policies offering income replacement for unforeseen events. It can also protect your financial security from the impact of taxes, market volatility and longevity. It’s not just for individuals and families either, but businesses too. Also, consider diversifying your portfolio with an annuity.
3. Commit to maximizing your workplace benefits. Look into supplemental coverages like disability, accident and life insurance that may be available through your employer. Solutions like these protect against unexpected events that can disrupt your ability to provide for your family or drive you into additional debt. If you have an employer-sponsored retirement plan, make sure you are contributing and getting a match, if offered. Tap into any financial wellness tools offered at work to help provide you with an accurate picture of your holistic financial situation and lower stress.
Visit www.lfg.com for more tools and resources.
With a robust plan, you can help ensure a solid financial future for you and your family.
How to maximize the value and timeliness of your tax return
