Your Money Map with Jean Chatzky and Michelle Singletary

Key Takeaways

• File taxes early in February and triple-check all information to avoid IRS delays, since backlogs mean refunds take significantly longer to process if corrections are needed
• Stop using tax refunds as forced savings; instead, adjust your W-4 withholding so you receive money in each paycheck and can use it to pay down high-interest debt (credit cards, car loans) or invest—this saves you money on interest and opportunity costs
• If you're self-employed or a 1099 contractor, hire both an accountant and tax professional to review deductions; many self-employed people incorrectly write off 100% of vehicles and home offices when only business-use portions qualify
• Take advantage of SECURE 2.0 provisions: young adults can now get employer 401(k) matching while paying student loans (no need to choose), and can withdraw up to $1,000 penalty-free for emergencies from retirement accounts
• Start retirement contributions as early as possible (even 15% in your 20s-30s); use lifetime income disclosures in 401(k) statements as motivation to save more, not as discouragement—the earlier you start, the less you'll need to save later