Make tax season profitable
It's tax season, and here are some ways to make it a less stressful time of year.
Financial expert Jordan Goodman joined News 12's Michelle Brown in the studio and says that a lot of people withhold too much from their paycheck and get large refunds. Instead, Goodman recommends they should withhold less and get a smaller refund next year and invest the difference in their paycheck in something that will grow for them.
Goodman also discusses some legal deductions people can take including: mortgage interest; state income and local property taxes, charitable contributions, professional dues and student loan interest.
The author of "Master Your Debt" advises that people should file their returns on time even if they don't have the money to pay the taxes. The worst move is not to file at all. You can get an extension to file your final return until Oct. 15. If you fall behind on your taxes or haven't filed for past years, you can still negotiate a deal with the IRS and state agencies to settle your debt or come up with a payment plan through what is called an Offer in Compromise.