People usually consider doing taxes one of the most demanding financial tasks of the year. Getting it done will make all of the other items on your financial to-do list seem more effortless.
Knowing where you stand well before the May 17 federal tax filing deadline gives you time to adjust your current tax withholding. You can also calculate what you can contribute to accounts like traditional IRAs, Roth IRAs, and health savings accounts. Contributions will be based on your modified adjusted income and overall financial picture. Read other reasons to get going on your tax prep if you haven’t started.
Source: Fidelity.com
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