Why Should You Listen?

Each month, co-hosts Kyle Trusch and Ben Brosnahan will be joined by personal finance experts to discuss pressing topics in personal finance and explore the balance between managing your finances and finding your ideal lifestyle.

And our first episode is live!

Making Taxes Less Taxing

Tax season is here.

As we (quickly) approach the April 15th filing deadline, we break down the basics of filing a tax return to help you conquer the process.

Personal finance expert Xuefeng Liu joins us to offer valuable tips and insights for using critical resources and avoiding common mistakes so you can confidently file your taxes!

Tackle Your Taxes With Confidence

Filing your taxes is no easy feat! Here are some tips for navigating the process and avoiding common mistakes.

1. Gather Your Tax Information First

Your employer will send you your W-2 in late January or early February. It is a summary of your earnings from the previous year, including the total taxes taken out of your paychecks.

You may also need some other documents based on your financial activity:

• 1099 - a summary of your income earned from sources other than an employer (interest or dividends from loans or investments, contracting or consulting payments, etc.)

• 1098 - a summary of payments you made that may be tax deductible or qualify you for credits, such as student loan interest payments, tuition payments, etc.

2. Use Your Resources

Technology is your friend during the tax-filing process.

If you have a relatively simple tax situation (one income source, simple investment structure, few deductions, etc.), tax filing software can help you navigate the process in a simple, user-friendly way.

You can also use Google and AI tools (with caution and fact-checking) to address any questions you may have about the process.

3. Ask Questions!

It’s ok to ask plenty of questions throughout the process.

As our podcast guest Xuefeng notes in our interview, ignorance is one of the biggest pitfalls new tax filers encounter.

If you’re unsure about a specific input or part during the process, google your question. There are tons of resources out there to help you. If you’re really stuck, that’s when you can engage a tax professional to help you complete your return.  

Managing Your Finances During Economic Uncertainty

Be on the lookout for our next podcast episode!

“Uncertainty is not just an important feature of the monetary policy landscape; it is the defining characteristic of that landscape.” - former Federal Reserve Chairman, Alan Greenspan.

Whether it’s changes in monetary policy, a volatile stock market, or simply wondering why everyday items cost so much these days, economic uncertainty can leave you feeling uneasy about managing your personal finances. In our next podcast episode, we’ll discuss ways to develop healthy and sustainable personal finance habits to help you weather any storm.

The ProsperOn Team

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