AIDES EXPECT MEMBERS TO STICK
AROUND UNTIL LATE FRIDAY TO GET
EVERYTHING DONE.
NO MATTER WHAT CONGRESS
DECIDESYOUR TAXES ARE STILL DUE
APRIL 15 LIKE EVERY YEAR.
SO YOU NEED TO BE READY.
JOINING US NOW IS OUR PERSONAL
FINANCE EXPERT.
NICE TO SEE YOU.
THANKS FOR BEING HERE.
THANK YOU.
IS THIS THE TIME?
DO WE BEGIN PREPARING FOR TAX
SEASON NOW?
YOU WANT TO START PREPPING
FOR IT ESPECIALLY IF YOU SPENT
A LOT OF YOUR MONEY DOING
CHRISTMAS SHOPPING, RIGHT?
THIS WOULD BE THE TIME TO SAY
POSSIBLY I AM GOING TO GET
MONEY.
MAYBE I CAN PAY DOWN SOME OF
THE DEBT I HAVE CREATED.
RIGHT.
SO WE WANT TO GET YOU
STARTED.
WHAT DO YOU DO?
LET'S START WITH GETTING
DOCUMENTS TOGETHER.
THE IRS URGES TAXPAYERS TO FILE
A COMPLETE AND ACCURATE TAX
REFORM INCLUDES W2s, 1099 FROM
BANKS AND OTHER PAYERS IN THE
FORM OF 1095A FROM THE MARKET
PLACE FOR THOSE WITH THE TAX
CREDIT FOR HEALTH INSURANCE.
YOU WANT TO RENEW YOUR EXPIRING
ITN.
SOME PEOPLE WITH AN INDIVIDUAL
TAXPAYER IDENTIFICATION NUMBER
MAY NEED TO RENEW BEFORE THE
END OF THE YEAR.
DOING SO PROMPTLY WILL AVOID
REFUND DELAY AND POSSIBLE LOSS
OF TAX BENEFITS.
THERE WILL BE DELAYS THIS YEAR
FOR THOSE GETTING THE EARNED
INCOME CREDIT, THOSE TYPICALLY
FILING FOR THAT CAN EXPECT A
LATER TAX RETURN BECAUSE THEY
WON'T BE PAYING OUT ON THOSE
UNTIL FEBRUARY.
YOU SHOULD EXPECT SOME DELAYS
FOR SURE THIS YEAR.
I THINK THAT'S IT.
OH YEAH, FOR THOSE THAT WANT A
FASTER REFUND, CHOOSE TO DO E
FILE AND DIRECT DEPOSIT.
THOSE ARE SIMPLE THINGS.
THIS WILL BE A VERY INTERESTING
TAX YEAR BECAUSE THE EARNED
INCOME CREDIT AND WHAT THEY'RE
GOING TO BE PAYING OUT ON IT.
IT'S CONFUSING TOO AS ALL
THE CHANGES TAKE EFFECT OR
DON'T TAKE EFFECT.
MOSTLY THE DELAYS.
THAT'S ANOTHER THING TO PLAN
FOR.
THE FACT THAT GETTING EARNED
INCOME CREDIT WHICH IS
TYPICALLY HOW MOST PEOPLE CAN
GET AN ADDITIONAL 2000 OR 3000
DEPENDING ON THE CHILDREN THEY
HAVE.
THEY COUNT ON THAT TO REPLENISH
THEIR SAVINGS AFTER THEY SPENT
A LOT FOR CHRISTMAS.
IT'S NOT GOING TO COME AS FAST
AS IT NORMALLY DID.
YOU SHOULD EXPECT DELAYS WITH
YOUR TAX RETURN.
GETTING DOCUMENTS TOGETHER AND
FILING EARLIER, DEFINITELY
THINGS THAT CAN HELP YOU MANAGE
THAT, THE FACT THAT YOU KNOW
THERE WILL BE DELAYS FOR SURE.
HOW ABOUT AVOIDING TRAPS
LIKE GETTING SCAMMED, HOW TO
AVOID GETTING SCAMMED
ESPECIALLY NOW THAT PEOPLE ARE
DOING A LOT ONLINE AND MAYBE E-
MAILING WITH ACCOUNTANTS AND
THINGS LEAK THAT.
FILING EARLY CAN HELP YOU
OUT FOR SURE.
YOU DON'T WANT TO CLICK THROUGH
THOSE LINKS ON TAX RELATED E-
MAILS, PHISHING.
A LIST OF COMMON FRAUDULENT TAX
SCHEMES COMPILED BY IRS DOING
THIS.
CRIMINALS SEND AN OFFICIAL
LOOKING E-MAIL TO TRICK YOU
INTO CLICKING THE LINK.
YOU THINK IT'S FROM THE IRS BUT
IT IS SOMEONE PHISHING YOUR
ACCOUNT, GETTING INFORMATION,
AND FILING YOUR TAXES.
DON'T RESPOND TO SUSPICIOUS
CALLS.
IT MAY NOT BE THE IRS.
YOU THINK IT IS BUT IT IS NOT.
YOU DON'T WANT TO DO THAT.
OH FILE YOUR TAX RETURN AS
EARLY AS POSSIBLE.
THAT CAN HELP YOU OUT.
THERE WILL BE DELAYS, BUT WHAT
WILL HAPPEN IS SOMETIMES IF
SOMEONE ELSE IS FILING FOR YOU
AND THE FACT THAT YOU HAVE
FILED THEM CAN DISTRACT THEM
FROM NOT DOING THAT.
BY THE TIME THEY GET TO DOING
FRAUD YOU CAN BEAT THEM TO THE
PUNCH.
DO A CREDIT FREEZE.
THAT'S DIFFERENT THAN CREDIT
MONITORING.
MONITORING ALLOWS YOU TO CHECK
YOUR SCORE BUT A FREEZE MEANS
THAT THE BURROWS HAVE TO
CONTACT YOU IN THE EVENT THAT
SOMEONE IS TRYING TO APPLY FOR
CREDIT.
HOW THIS HAS HELPED WITH TAX
FRAUD IS THE FACT THAT IF
SOMEONE HAS ACCESS TO YOUR
SOCIAL SECURITY THEY'RE
PROBABLY NOT GOING TO JUST
STEAL YOUR TAX REFUND.
BUT THEY'RE ALSO GOING TO APPLY
FOR CARDS, GET CREDIT CARDS,
TRY TO APPLY FOR LOANS.
DOING THE CREDIT FREEZE GIVES
YOU ANOTHER LAYER OF SECURITY
SO YOU KNOW WHAT IS POSSIBLY
GOING ON.
VERY INTERESTING.
WHAT ARE SMART THINGS TO DO
WITH YOUR TAX RETURNS?
OH THE PART THAT WE LIKE.
OF COURSE I DON'T WANT TO KEEP
RINGING YOUR BELL BUT IF YOU
HAVE GENERATED DEBT THAT'S A
WAY TO PAY DOWN SOME OF THE
DEBT.
INSTEAD OF USING IT FOR ANOTHER
CAR OR TO BUY SOMETHING YOU
DIDN'T GET FOR CHRISTMAS, THIS
IS SOME OF THE MONEY YOU PLAN
ON.
AVERAGE TAX RETURN IS ABOUT
$3000.
SOMETIMES THAT'S THE LARGEST
AMOUNT OF MONEY SINGLE INCOME
SOMEONE WILL GET DURING THE
YEAR.
IT'S REALLY AN OPPORTUNITY TO
PAY STUFF DOWN AND CREATE A
SAVINGS FUND IF THEY DON'T
ALREADY HAVE ONE.
THIS GIVES THE OPPORTUNITY TO
FUND THE FUND OR BEGIN TO
CREATE ONE.
ONE OF THE THINGS I TELL MY
INLAWS THAT I HAVE WAS PROUD
OF, EVERY YEAR WHEN THEY WOULD
GET THEIR TAX RETURN THEY WOULD
USE IT TO PAY ADDITIONAL TO THE
PRINCIPLE ON THE MORTGAGE WHICH
RESULTED IN PAYING THEIR HOUSE
DOWN EARLY.
THOSE ARE SOME THINGS YOU CAN
DO IF YOU ARE COMING INTO 3000
OR $4000 THAT YOU ARE NOT
ACCUSTOMED TO HAVING IN YOUR
BUDGET.
YOU HAVE OPPORTUNITY TO
ELIMINATE SOME OF THE DEBT I AM
ALWAYS JOKING ABOUT.
PAY DOWN THOSE CREDIT CARDS.
THOSE WOULD BE THE FIRST
THINGS TO PAY.
IF YOU ARE BEHIND, GET YOURSELF
UP TO SPEED.
THAT WILL BE FIRST AND
FOREMOST.
THIS IS REAL.
WHEN IT COMES TO MONEY SOME
PEOPLE GET BEHIND ON THEIR
BILLS AFTER THE HOLIDAYS.
HERE IS AN OPPORTUNITY TO GET
BACK ON TRACK.
THE NEXT THING TO DO IS CATCH
UP WITH THE CREDIT CARDS.
STOP LETTING THEM DING YOU ON