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.


sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 5 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login, create an account or subscribe to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."