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Filing your tax return can be intimidating, after all, this isn’t something you want to get wrong.

While many people can probably handle doing their taxes with the right preparation, there are some circumstances where it might make sense to hire a tax professional. Maybe your tax situation is complicated because you have a variety of income streams or run a small business. Or maybe you simply want the assistance.

What to look for in a tax pro

Check credentials: There are different types of tax professionals, including certified public accountants (CPAs), enrolled agents and tax attorneys. Paid tax return preparers need an IRS Preparer Tax Identification Number. You can check credentials with the IRS. The person working on your taxes will know a lot of your personal and financial information, so hire someone trustworthy.

Ask about payment: Costs vary, so be sure to ask if you’re paying by the hour or a flat fee. The IRS suggests avoiding anyone who promises bigger refund checks or bases fees on a percentage of the refund.

Don’t forget: Always review a return before you sign it. And don’t be afraid to ask questions to make sure you understand what’s on the return.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

According to market research firm The Wedding Report, the average cost of a wedding in 2022 was $27,000. Unfortunately, many young couples have not saved up enough to pay for their entire wedding themselves. (For the most part, the days when a bride’s parents footed the entire wedding bill are over.)

Wedding planning is a tall order, especially with the aftermath of a pandemic, but it’s not impossible. Here’s a look at what you can expect from venues, vendors, and other costs as you plan this happy day.

A wedding doesn’t have to be a budget breaker, but an event with this significance does come with some costs that probably don’t easily fit into most budgets. Using a personal loan to pay for wedding costs is reasonable if you are financially able to repay it.

Personal loans tend to offer much lower interest rates than credit cards, which The Knot reports a significant portion of newlyweds use to fund their big day.

First, though, think long and hard about whether you really want to start out your married life in debt. Consider if you can actually afford to pay off the loan in a timely manner. If not, it might be better to cut back on your wedding budget, or take more time to save up.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Waiting until the last minute to prepare for tax filing is never advisable. Taxes may not be as complicated for people with one employer, but for those who have side gigs or are self-employed, tax returns can take a while to fill out.

You should receive a Form W-2 by Jan. 31 or, with any mail delay, soon thereafter. The same deadline applies to certain 1099-MISC forms for independent contractors. Each financial institution that paid you at least $10 of interest during the year must send you a copy of the 1099-INT by Jan. 31 as well.

Whether your goal is to lower your taxes or just file them on time, the key is preparation. To answer your tax questions, we’ve compiled a selection of informational articles on such key tax topics as capital gains, retirement savings, stock options, refunds, and more.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Maybe you have always dreamed about owning your own place. Maybe you’re just in “that” phase of your life. Or maybe, it simply makes the most financial sense for you to own rather than to rent.

Either way, buying a home is one of the biggest financial decisions you can make in life, and there are plenty of pitfalls to avoid along the way.

When you start looking, think about what you can — and want to — afford. That’s not just a question of how big a mortgage you might be able to get, as your monthly costs will be more than just your loan payments. There might be HOA fees, maintenance costs, and taxes coming out of your account regularly. Know what the monthly costs of a place would be all in to decide whether it’s the right fit for you.

Also know what you’re looking for. If you need certain transport links and school access to make your life work, a cheaper home in an inaccessible location likely won’t be the answer. Don’t forget, to make financial sense for you, it has to be workable in your day-to-day.

Equally, the perfect home probably doesn’t exist. There will always be something, and that’s okay. Just make sure you know what your needs and non-negotiables are so you can make the best decision for your household.

Saving Hacks for a Downpayment

For many people, transferring their down payment at the start of a home purchase is the single biggest banking transaction they’ve ever completed. So how do you get to having such a big stash of cash?

Convention suggests you should aim to pay down 20% of the total purchase price, even though this could vary depending on your personal situation, what makes sense for your finances, or if you’re a Veteran. Use our home affordability calculator to figure out your goal down payment by calculating how much home you can afford.

Next you can draw up a budget, comprising your existing savings, income streams, and other financial obligations, including debt payments and rent.

Saving your way to a down payment might also take a little time, so let your money work for you along the way. Stashing your cash in a high-yield savings account can help you get there faster.

Check out SoFi’s high-yield savings accounts, and get going on your savings goals.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

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You might not like our answer here, but the best time to start saving for retirement was probably yesterday.

Funding your life for some 30 years from just savings and investments, without other supplementary income, is no small feat. And the earlier you can get going on your big pile of cash, the better.

Another key reason to start saving early: compounding interest. This means that if you’re earning interest on your nest egg, that money is then added back on top of your deposit, and you then earn interest on the “new” total.

When it comes to investing for retirement, there’s another reason to start early: Your goals, time horizon, and risk tolerance will look rather different when you’re young.

If you have a long way to go until retirement, you might consider riskier assets, such as stocks, in your investment portfolio. Meanwhile, people closer to retirement age tend to be more conservative in their choices, and allocate their portfolios to less risky assets, such as bonds, that also tend to yield less.

The Key to Saving — Do It When you Don’t Notice

Putting money away every month can be hard. And retirement’s time horizon decades away, isn’t making it easier. That’s why baking your savings into your regular financial planning can be helpful.

You broadly know your income, even if it fluctuates. Can you automate your savings in a way that minimizes the pain of seeing a big chunk of your paycheck going into the retirement piggy bank?

This might already be the case if you’re taking advantage of an employer-sponsored retirement plan, such as a 401(k), which lets you pick a monthly contribution.

Also consider adding a set amount to your cash savings stash when you receive your paycheck, the idea being that you can’t spend what you can’t see. Make your money work for you and consider a high-yield savings account. It can help you save up for big expenses in the near-term, and help you get closer to the maximum for your retirement contributions every year.

Check out SoFi’s high-yield savings accounts, and get going on your savings goals.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).
Automated investing is offered through SoFi Wealth LLC, an SEC-registered investment adviser.
​​Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer to sell, solicitation to buy or a pre-qualification of any loan product offered by SoFi Lending Corp and/or its affiliates.
SoFi doesn’t provide tax or legal advice. Individual circumstances are unique. Consult with a qualified tax advisor or attorney about your specific needs.

©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included. Offer ends 12/31/23.