With tax season coming to an end last week, we wanted to share an update of the current trends in the finance industry, and some helpful tips and tricks to help navigate the changing landscape.
Between the new tax reform and new ways to track and manage for finances, here’s what’s hot in the finance industry right now.
Tax Law Changes
In December, Congress passed the largest piece of tax reform legislation in more than three decades. The bill will affect the taxes of most taxpayers, and although the bill didn’t affect most people’s taxes for 2017, it will for the ones they file in 2018.
Assisted Online Filing
DIY tax filing is still all the rage (who doesn’t want to file in their PJ’s!), but this year, TurboTax introduced a new way to do taxes – TurboTax Live! (and you still can do it in your PJ’s!) This tax season, customers took advantage of a nationwide virtual network of credentialed tax experts to help with your tax needs every step of the way through one-way video.
These credentialed Certified Public Accountants (CPA), Enrolled Agents (EA) and Practicing Attorneys reviewed taxpayers’ returns on-demand, as often as needed, and helped them file with confidence, all while taxpayers were able to stay in the comfort of their own home.
Knowing Where Your Finances Stand
Now let’s talk about the future. Even though you’ve been saving, contributing to your 401k and filed your taxes on time – do you REALLY know where your finances stand? We’re talking the three key numbers that matter to your financial health, including verified income, credit score, and your debt-to-income ratio. Most of us don’t, but that doesn’t mean you need to worry! Turbo, a free product, has you covered and provides these numbers and give you the “whys” behind them, key takeaways, and comparisons to people like you.
In addition to those three numbers, knowing where your finances stand also means that you should be closely tracking your business expenses, especially if you’re self-employed. For all you self-employed folks, you can use QuickBooks Self-Employed to track your business income, expenses, and mileage year round and easily import your information to a TurboTax Self-Employed or TurboTax Live tax return before the next estimated tax deadline on June 15.
Any other finance trends that you’ve been noticing? Comment below and let us know!