It's April 14, the day before Tax Day, if you live in the U.S. Appropriately, we have Jill Schlesinger of CBS MoneyWatch.com on the show to dig through all your tax preparation software questions and the smart financial planning you should be doing now--not later--if you want to live a comfortable life.
For those of you who have never filed U.S. tax returns, tomorrow at the stroke of midnight is the last moment you have to send your returns in to the IRS. The United States is a bit strange in that we have to self-file our returns, but that means there is a lot of responsibility on our part to get it right. Conversely, there are a lot of chances for us to screw it up. Well, Aunt Jill says her No. 1 tax tip is to "not freak out."
Whether you should use a CPA or something like TurboTax online is entirely dependent on your situation. So if you're like Jeff who gets his cash flow from a single W-2 and has no assets to his name, self-filing is pretty straightforward.
However, if you're more like Justin, who owes a couple of loan sharks money from a couple of bad bets and has to work the late shift at the Hustler Club, you should probably see a CPA. And if you're like Wilson, who was a little too goody-two-shoes and filed his tax two months ago, you probably shouldn't be taking financial advice from The 404.
We do answer some questions about when you should start saving for your newborn's college fund and what the difference is between stocks, mutual funds, indices, and giant pools of money. If we didn't get to your question on today's show, please be sure to follow Jill on Twitter, where she will do her best to answer your life's toughest financial questions in 140 characters or less.
Finally, as a treat for our loyal listeners, we have a Web exclusive, where we talk to Jill for an extra 15 minutes about the economy, health care, and what you should do with your retirement funds and investments.
If you're new to the show, yes, it's very strange that we're offering actual sound, thoughtful advice, but hey we like throwing you for a loop every now and then. Check back later today for the video of the Web exclusive! EPISODE 559 Subscribe in iTunes audio | Suscribe to iTunes (video) | Subscribe in RSS Audio | Subscribe in RSS Video… Read more