It's tax season so that means its time to have a frank conversation about your personal taxes. We all know doing our yearly taxes can be confusing. After all, there are more words in our tax code then the Gettysburg Address, Declaration of Independence, and Bible. Rachel Langlois of Cyprus Credit Union says that 21% of paper returns have errors and less than one percent of e-filed returns have errors. She says that it's important to always file on time, even if its just to file for an extension. This year late filers will have 2 extra days to file their taxes since the April 15th deadline falls on a Saturday.
Rachel says that only about 25% of people eligible for the earned income tax credit will use this deduction on their taxes. That is a good reminder that there are a lot of deductions we might forget about when doing your taxes. Finally, she tells us to spend our refunds wisely. In 2016 74.2% of tax filers received a refund with the average around $2750. Her advice is to look into investing in a CD for a higher return rate.