Taxes and You from The Innovation Room at New England College of Business
Taxes many not be popular dinner party conversation, but knowing the basics can be very important this time of year, both for your personal protection, and to ensure you are receiving the best refund possible.
In this New England College of Business Innovation Room session, Donna Viens, Program Chair for the accounting programs at NECB makes the basics of taxes more digestible, giving a primer on common pitfalls and best practices. Topics covered in the presentation include filing status, exemptions, income, deductions, credits and the Affordable Healthcare Act.
A few pieces of advice from Viens' talk:
- Get started early. As soon as your tax forms begin to trickle in, you should be preparing your return package.
- It's almost always in your best interest to take an itemized deduction over a standard deduction. This brings up the question of how you will compile your tax information.
- Choose your tax professional wisely, based on specialties and qualifications. Should the IRS question any component of your submission, only a CPA can go before the IRS as your representative.
- Even if you do hire a tax professional, you are signing the form. This means you are responsible for any information submitted and must review it carefully.
Taxes can be sticky, but Viens empowers Innovation Room attendees with the knowledge to complete them correctly…And maybe get a better refund in the process!
Want more insights from New England College of Business? Follow us on Facebook, network with us on LinkedIn or join the conversation with @NECBedu on Twitter! You can also follow us on Instagram.
View full-length Innovation Room sessions on YouTube.