MINNEAPOLIS — With April's tax deadline only three months away and the memories of last year's slow turnaround, this year's tax season will be another unusual one for many Americans.
To help ease the pain from tax season in 2022, the CEO of Prosperwell Financial, a Minnetonka-based independent financial advising firm that helps people with their investing and financial planning, joined KARE11 Saturday to discuss how people can prepare for tax season.
Nicole Middendorf explained that the IRS continues to face a massive backlog and gave a few tips on how to have a less painful tax season.
Some of Middendorf's tips include:
- Maximize Roth or Traditional IRA for 2021 and 2022
- Help children get a Roth account
- Have liquid money
- Don't expect or count on a refund
- File online early
Prosperwell Financial offers free initial consultations, which can be started online.
According to experts, it could take 21 days for people to receive a refund this year in most cases and it is possible for people who received a Child Tax Credit to owe the government.
Watch more KARE11 Saturday:
Watch the latest coverage from KARE11 Saturday in our YouTube playlist: