Category: Uncategorized

  • Is TomoCredit Legit?

    In today’s financial landscape, finding a trustworthy and reliable credit service can be challenging. In fact, financial services are typically the least trusted industry by the general population – and the economic crisis of 2008 is one of many reasons why new customers are generally cautious when it comes to new financial products. 

    With so many options available, it’s essential to distinguish between genuine services and those that may not have your best interests at heart. Enter TomoCredit, a revolutionary financial service provider designed to help individuals build credit without the need for a credit score. But the question remains: is TomoCredit legit?

    Recognized by top financial reporters and third party media, TomoCredit has positioned itself as a pioneer in the financial services industry by offering a unique approach to credit building. One of their standout services is TomoBoost, an innovative tool aimed at helping users enhance their credit profiles. TomoBoost works by analyzing a user’s financial behavior and providing a tailored strategy to improve their creditworthiness. This approach has earned TomoCredit recognition and trust among users who are often overlooked by traditional financial institutions.

    TomoBoost’s key credit building features include:

    No Credit Score Requirement: TomoBoost’s evaluation process does not rely on your credit score, making it accessible to individuals new to credit or those looking to rebuild their credit history.

    Personalized Credit Building Plan: By analyzing alternative financial data, such as income, savings, and spending patterns, TomoBoost creates a customized plan that helps users improve their credit profiles.

    Continuous Monitoring and Adjustments: TomoBoost continuously monitors your financial activities and makes necessary adjustments to ensure you stay on track with your credit-building goals.

    Educational Resources: TomoCredit provides a wealth of resources to help users understand the credit-building process and make informed financial decisions.

    Beyond providing a reliable credit-building tool, TomoCredit is committed to financial education and empowerment. To further support their users, TomoCredit is currently offering a Credit Consultation Call. This service is designed to help individuals understand their financial standing, set credit goals, and receive personalized advice on managing and improving their credit.

    Here are the top reasons to take advantage of TomoCredit’s Credit Consultation Call:

    Understand How to Benefit from TomoBoost: Gain insights into how TomoBoost can specifically help you improve your credit profile and financial health.

    In-Depth Walkthrough of All TomoBoost Features: Get a comprehensive overview of TomoBoost’s features and how to leverage them effectively.

    Speak with a Dedicated Credit Consultant: Have a one-on-one conversation with a credit expert who can provide personalized advice and answer any questions you may have.

    During the consultation, a financial expert will review your current financial situation, including income, expenses, and existing debts. Based on your financial review, the expert will help you set realistic and achievable credit goals. You will receive customized advice on how to use TomoBoost effectively to build or rebuild your credit, as well as tips on managing your finances more broadly.

    TomoCredit is not just another credit service; it’s a tool designed to help you build a solid financial foundation. With its innovative approach, commitment to no fees, and dedication to financial education, TomoCredit proves to be a legitimate and beneficial choice for individuals at various stages of their credit journey.

    So, is TomoCredit legit? Absolutely. Vetted by third-party financial media and backed by major financial institutions like Morgan Stanely and Mastercard, TomoCredit is a trusted and exciting choice for consumers. 

    With its user-centric approach, transparent practices, and current offering of a Credit Consultation Call, TomoCredit stands out as a trustworthy and valuable financial service provider. If you’re looking to build or rebuild your credit, consider TomoCredit and take advantage of their Credit Consultation Call to get started on the path to financial success.

  • New Challenge for US Credit System: Modernizing the Outdated Credit Score 

    Across industries, consumers exchange personal data for greater convenience and personalized experiences. From tailored recommendations on shopping sites to customized streaming selections, sharing data like browsing history and household habits leads to improved services. However, the financial services industry lags in using data to enhance credit experiences.

    Today’s credit system relies on three major U.S. credit bureaus (Experian, Equifax, and TransUnion) and narrow data points like loan repayment history to determine creditworthiness. This outdated system often results in millions of Americans being denied access to life-changing financial products. The traditional credit card system is fundamentally flawed, frequently trapping consumers in cycles of debt with high interest rates and hidden fees. It’s essential for consumers to be more careful when selecting credit cards, thoroughly understanding the terms and potential pitfalls to avoid financial distress.

    Regulatory Changes and the Future of Credit

    The Consumer Financial Protection Bureau’s 1033 Rule is set to change this. By enabling “open banking,” U.S. consumers can share their bank transaction data with lenders, leading to better, fairer, and more personalized credit options. A 2022 survey found that 74% of lending industry decision-makers believe traditional credit report data is insufficient for assessing creditworthiness.

    A More Comprehensive Financial Profile

    Future credit systems will use a broader range of data, including income, employment status, and bank account transactions, to provide a complete picture of a consumer’s financial health. Alternative data, like consistent utility payments and stable employment, can help build more accurate risk profiles.

    Positive Developments in Credit

    1. Reduced Credit Invisibility: Millions of Americans, including young people and recent immigrants, lack sufficient credit history. By integrating cash flow data and international credit reports, companies like TomoCredit are helping these individuals establish creditworthiness and access financial products.
    2. Dynamic Credit Products: Access to more data allows lenders to offer customizable credit products with flexible repayment schedules. Early examples include buy-now-pay-later services and flexible rent apps that allow renters to split payments into smaller chunks.

    Embedded finance could also broaden the lending field, allowing organizations to issue credit. Employers, for instance, could use their capital to extend loans to employees.

    Building a Better Credit System

    Building the data infrastructure to support these changes will take time, but the benefits are clear. Increased access to data will help create more affordable, equitable lending practices and give people more control over their financial lives.At TomoCredit, we are leading this transformation by leveraging alternative data to offer equitable lending opportunities. Our mission is to ensure everyone has access to fair and personalized credit options. Join us in revolutionizing the credit industry and experience financial empowerment with TomoCredit.

  • A Young Professional’s Guide: How to make smart career moves in a high interest rate environment:

    At TomoCredit, we understand the unique challenges young and mid-age professionals face in today’s dynamic job market. As you navigate career transitions, explore new opportunities, and consider purchasing property, understanding the financial landscape is crucial. Here’s a closer look at the recent trends in mortgage rates, their implications for homebuyers, and strategies for managing your 401(k) when changing jobs.

    Mortgage Rates and the Housing Market: A Recap of June

    In June, we saw a slight decline in mortgage rates, a trend expected to continue into July as inflation cools. This decrease isn’t steep but gradual, like a marble slowly rolling across the uneven floor of a 150-year-old house.

    Mortgage rates peaked in May, with the 30-year fixed-rate mortgage averaging 7.22%. By the end of June, this rate had fallen to 6.86%, thanks to a reduction in the core consumer price index from 3.8% in March to 3.4% in May. Typically, when inflation falls, mortgage rates follow suit, and this trend seems likely to persist if inflation continues to decrease.

    However, even with a slight drop in mortgage rates, affordability remains a concern. The median home resale price hit an all-time high of $419,300 in May. With an average mortgage rate of 7%, the principal-and-interest payment on a median-priced home, assuming a 20% down payment, was $2,232. High costs led to a 2.8% drop in home sales compared to the previous year.

    As buying slowed, the inventory of existing homes for sale increased. This rise in inventory, coupled with weaker demand, has driven price reductions, with 36.9% of homes on the market cutting their asking prices as of late June. If mortgage rates decrease this autumn as expected, the combination of lower home prices and interest rates could improve affordability.

    For those with excellent credit scores, there’s an added advantage. A higher credit score often translates to better interest rates, potentially lowering your monthly mortgage payments and making homeownership more attainable.

    Career Transitions and 401(k) Strategies

    For young professionals, job transitions are often accompanied by questions about managing retirement savings. Here are some strategies to consider when handling your 401(k) during a job switch:

    1. Stay Committed to Your Long-Term Goals: Market volatility can be unsettling, but maintaining your long-term investment strategy is crucial. Regular contributions to your 401(k) can help you take advantage of dollar-cost averaging, smoothing out the purchase prices of investments over time.
    2. Review and Adjust Your Portfolio: Ensure your asset allocation matches your retirement goals and risk tolerance. Diversification can help mitigate risks and protect your investments from market fluctuations.
    3. Maximize Your Contributions: If possible, contribute the maximum allowable amount to your 401(k). This strategy not only boosts your retirement savings but also provides significant tax advantages.
    4. Take Advantage of Employer Matching: Ensure you contribute enough to receive the full employer match in your new job, as it’s essentially free money for your retirement.
    5. Consider a Roth 401(k): If your new employer offers a Roth 401(k) option, it might be worth considering. Roth 401(k)s allow for tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket when you retire.
    6. Rollover Your 401(k): When you leave a job, you can roll over your 401(k) into an IRA or your new employer’s 401(k) plan. This keeps your retirement savings intact and can provide more investment options.

    As you navigate career changes and consider homeownership in a high-interest-rate environment, staying informed and proactive is key to making sound financial decisions. At TomoCredit, we are dedicated to empowering young professionals with the knowledge and tools needed to achieve their financial goals. Whether you’re transitioning to a new job or exploring the housing market, understanding the current economic trends and managing your retirement savings effectively will help you secure a brighter financial future.

  • Revitalize Your Credit Score through TomoCredit’s Rent Reporting Magic

    Credit scores are integral to financial freedom and stability, influencing everything from housing opportunities to loan conditions. For many, especially young adults and new immigrants, building a robust credit score can be a formidable challenge. Recognizing this, TomoCredit has introduced a novel approach to credit building through their TomoCredit Rent Report service, which allows rent payments to count towards credit history and boost credit scores with rent reporting.

    Traditionally, credit scores have been calculated based on credit card payments, loans, and other financial obligations. However, this leaves out a significant monthly expense for millions: rent. Rent is often one of the most substantial and regular payments made by individuals, yet until recently, it had no impact on one’s credit score. TomoCredit’s Rent Report service changes this dynamic by incorporating rent payments into the credit score calculation, offering a substantial boost to credit scores with rent reporting for those with limited credit history.

    How Does TomoCredit’s Rent Report Work?

    Step 1: Submit Your Lease

    VIP users start by submitting their lease agreement to TomoCredit (boost@tomocredit.com). This document serves as verification of the rental contract and the monthly rent amount, crucial for accurate boosting credit scores with rent reporting.

    Step 2: Verification Process

    The TomoCredit team verifies the lease details. This step is essential to ensure that all reported payments are accurate and legitimate, providing a reliable basis for credit bureaus to adjust credit scores and boost credit scores with rent reporting.

    Step 3: Reporting to Credit Bureaus

    Following verification, TomoCredit reports the rent payments directly to major credit bureaus. This step is where the actual credit score enhancement occurs, as timely rent payments are recorded similarly to other credit activities, effectively boosting credit scores with rent reporting.

    Step 4: Monitor Your Credit Score

    Lastly, users can monitor changes to their credit scores via TomoCredit’s platform. This visibility allows individuals to see the effect of their rent payments on their overall credit health and make informed decisions about their financial practices, further understanding how to boost credit scores with rent reporting.

    Rent reporting is an effective tool for those with minimal credit transactions. Regular, on-time rent payments help establish a pattern of financial reliability. TomoCredit makes it easy to use everyday expenses, like rent, to contribute towards building credit. An improved credit score can lead to better interest rates on loans and credit cards, more favorable rental terms, and enhanced employment opportunities. This is why it is essential to boost credit scores with rent reporting.

    TomoCredit’s Rent Report represents a shift in traditional credit scoring, acknowledging rent as a significant component of financial responsibility. This service not only assists in building credit through routine expenses but also enhances financial inclusivity by acknowledging the diverse economic activities of individuals. Whether you are starting your credit journey or looking to rebuild, consider how integrating rent payments into your credit report can pave the way for broader financial opportunities and stability by boosting credit scores with rent reporting.

  • Redefining Creditworthiness: TomoCredit’s Revolutionary Cash Score and AI Financial Advisor

    In 2024, TomoCredit unveiled a transformative advancement in the realm of credit scoring: the TomoCredit Cash Score. This pioneering feature is designed to empower individuals with less-than-excellent credit scores by evaluating their creditworthiness based on their assets rather than just their credit history. Coupled with the AI Financial Advisor, this innovation is set to revolutionize the financial landscape.

    Traditional credit scoring systems have long been criticized for their narrow focus on credit history. This approach often overlooks individuals who lack extensive credit histories, such as young adults, immigrants, or those who have faced financial difficulties. These systems tend to ignore many capable individuals with limited credit history despite them having other means to demonstrate their financial stability, such as their bank account.

    Recently, Auto Remarketing launched a review of TomoCredit, highlighting the limitations of traditional credit scoring methods. This review emphasizes the shift from evaluating past credit behavior to assessing current financial health through TomoCredit’s CashScore. It evaluates a person’s assets, including savings, investments, and other liquid assets, to provide a comprehensive picture of their financial stability. This new scoring model ensures that a broader spectrum of financial behaviors is recognized and appreciated.

    Integrating seamlessly with a user’s financial accounts, the Cash Score utilizes secure, real-time data to analyze an individual’s asset portfolio. This dynamic and holistic approach offers lenders a more accurate and inclusive assessment of a person’s creditworthiness, paving the way for more fair and equitable credit decisions.

    In addition to the Cash Score, TomoCredit introduces the AI Financial Advisor, an intelligent tool designed to help users manage their finances more effectively. This advanced advisor provides personalized financial guidance, assisting users in budgeting, investing, and planning for future expenses. By offering tailored advice, the AI Financial Advisor helps users improve their financial health and, consequently, their Cash Score.

    The introduction of the Cash Score and AI Financial Advisor by TomoCredit is a game-changer for several reasons. The Cash Score opens up new opportunities for individuals who have been disadvantaged by traditional credit scoring systems, offering them a fair chance to access credit based on their current financial status. By considering current assets, the Cash Score provides a more precise assessment of an individual’s financial health, leading to better credit decisions. Additionally, the AI Financial Advisor empowers users with the knowledge and strategies needed to manage their finances effectively, enhancing their overall financial well-being.

    TomoCredit’s mission has always been to innovate and create financial products that cater to the needs of all individuals, regardless of their credit history. The introduction of the Cash Score and AI Financial Advisor marks a significant milestone in this mission. By recognizing and rewarding an individual’s financial potential, TomoCredit is helping to build a more inclusive and equitable financial system.

    As we look to the future, TomoCredit remains committed to advancing financial technology to better serve our diverse user base. The Cash Score and AI Financial Advisor are just the beginning of our efforts to make credit more accessible and fair for everyone. We invite you to join us in this financial revolution and discover how these groundbreaking tools can help you achieve your financial goals.

    With the TomoCredit Cash Score and AI Financial Advisor, the future of credit scoring is here — where your assets speak louder than your past, and your financial future is brighter than ever.

    ps. Find TomoCredit story as team of immigrants on Youtube 

    Photo credit: UC Berkeley Haas Business School Campus

  • The Credit System Is Broken

    Here at Tomo, we are thrilled to announce TomoScore. Have you ever been frustrated because you were rejected by a credit card or mortgage? We’ve got your back. Now with Tomo, you can leverage your existing bank account to get approved instantly. You can add any bank accounts that you currently have with Tomo, and Tomo will analyze the health of your bank account history.

    Who can benefit from TomoScore?

    • Immigrants
    • Students
    • Young Professionals
    • First time home buyers

    Happy score building!

    ps. Find our story as team of immigrants on Youtube https://www.youtube.com/watch?v=JiSjMKptCKY

  • Fintech, making changes together

    2023, the year Tomo learned how to “ride”with the waves

    It has been 5 years since Tomo launched and we continue to surf the unpredicted waves of fintech to ultimately continue our mission of building a better tomorrow. I’m not saying it was easy, but we’re proud of what we’ve achieved around credit building and credit repair.

    When we launched our first product, TomoCard, we received an overwhelming amount of interest while improving the lives of our customers.

    • 3.5 Millions users
    • Users’ credit scores increasing by 29 points on average*
    • Over 200,000 total customers answered that they saw positive changes in their credit report within the first 6 month period. And Tomo helped them feel more confident about their personal finance.
    • Able to offer personalized insights on cash flow and its impact on credit health
    • Leverage our proprietary technology to give users personalized credit building tips

    We refined our product over the years, but all in service of continuing to fulfill our mission for the long term.

    We remain quick and agile as we launched our second product, TomoBoost, a credit repair service that can boost credit scores intelligently using real time data. We are continually improving our product and have rich insights to help our customers.

    • Since 2019, we gathered 18 million verifiable bank accounts data based on users’ consents
    • Customers want Tomo to help them with two topics which we are building our product around. (1)Learn more about their personal finance, especially about personal credit (2)Get instant insights of their cash flow in and out, so they can better manage their cash flow.

    That brings us to now.

    2023 was a challenging year for fintech startups, but also presented upside opportunities for those who figured out how to adapt quickly. Let me explain. First off, a series of unimaginable events happened in the beginning of 2023:

    1. Rate Increase: Lending startups struggled as the cost of capital doubled, making it challenging to maintain margins. For many fintech companies, cash is their product, and when the cost of goods (cost of capital) goes up too high, lending fintech startups simply cannot survive. It seemed like only big banks could weather this storm, as they do have billions of customer deposits that fintechs simply don’t have. (below is the 2022 FDIC datapoint).

    Source: Dec. 31, 2022, data from the FDIC.

    2. Riding the shifts in Consumer Trends: With the rate increase, consumers became more vigilant with managing their personal finance (both personal credit and spending in general). If you think about it, back in 2021, everyone got good rates — with or without a good credit score. Now, with a score below 650, you are simply in trouble. This made credit building popular, with high user demand- Tomo was able to ride the wave at the perfect timing. The key here was listening to our customers who have been with us since 2019 and learning what they liked or disliked about Tomo.

    Also, we noticed that the credit building space is ripe for innovation; the space has been lacking new data driven products in the past decades. With huge consumer demand, Tomo launched in 2019 with our own proprietary technology to give users personalized credit building tips.

    3. Startups, by nature, are resilient. We are not the smartest or the wealthiest, but oh boy, we are resilient. That means many founders figured out — or had to figure out. When founders are faced with this type of market events that are out of their control, they are forced to focus on “internal data and IP.” For example, for Tomo, we built our own proprietary cash flow data in the past 5 years, and we gathered over millions of bank account data (checking accounts, savings accounts, investment accounts, 401k, etc.). We used the cash flow data to build “TomoScore,” an AI-powered cash flow management solution. This allowed us to help our customers manage their cash flow easier and manage their debt/credit better. This became a big hit as it aligned with the customer trends of being vigilant with money

    Closing thoughts:

    I first landed in the U.S. as a student without a credit score, without a U.S. bank account. I am beyond grateful that in 2024, I get to continue to challenge the status quo with an amazing, world class team at Tomo. Many people say that good intentions are not enough because it seems too easy, but our team at Tomo are “doers” with good intentions committed to building a better tomorrow. We, at Tomo, deeply thank each and every one of our supporters. It is simply impossible to challenge the status quo in finance unless it is done with careful, well-thought out collaborations. We are in this together.

    ** Average outcome for customers who opened a Tomo account in Q1 2022, starting VantageScore 3.0 under 600, who made on-time payments. Other factors, including activities at other lenders may impact results. Tomo reports both positive and negative on-time payments history based on their bank data.

  • Shop Smart Online: 7 to Use Your Credit Card Safely

    Have you ever been online shopping and all of a sudden a pop-up message blocks your whole screen with a message like, “A virus has been detected on your computer. Please click on the link to remove the virus from your computer,” or something of that nature?

    Well, you’re not alone. Millions of people every day are sent phishing emails or scam alerts, making online shopping one of the most prevalent places for your financial information to be compromised.

    Here are 7 tips on how you can use your credit card safely for online shopping:

    1. Shop on trusted websites. Make sure to check the site has a lock to the left of the website URL.
    2. Avoid using public Wi-Fi. Public Wi-Fi is often unsecured and very vulnerable to hackers.
    3. Update your passwords. If the website you are shopping on asks for you to create a password for your account, make sure to create a password that is strong and unique. Don’t use a password that you use for your important accounts (i.e. financial accounts).
    4. Be alert for phishing scams. Make sure you pay attention to the details. If you receive “fishy” emails or emails from unfamiliar people requesting your attention and action,, do not respond with any personal information or click on any links they send you. If your credit card company offers fraud alerts, make sure they are turned on.
    5. Monitor your accounts regularly. Log into your credit card accounts regularly and make sure to check there aren’t any suspicious or fraudulent activities. Make sure to report any fraudulent/suspicious activity to your provider immediately.
    6. Update anti-virus/computer software. Make sure you frequently update your computer’s software and any anti-virus software to prevent malware attacks.
    7. Use a credit card you designate to online purchases only. Try to also use a credit card that has your lowest credit line when making online purchases. That way, if you accidentally make a purchase from an unsecured or scam site, you limit yourself from fraudulent withdrawals.

    In conclusion, while online shopping can be an easy and convenient way to shop these days, you want to make sure you are aware of any potential risks you put your credit cards in. Some credit card companies, like TomoCredit, have a huge emphasis on credit card safety and send fraud alerts or allow you to lock your account from your phone yourself. This option allows users to be in control of the safety of their finances. Check with your credit card companies to see if they offer options like this for you!

  • 3 Traits of Financially Successful People

    Financial success, in many ways, is a game that everyone is trying to master.

    We did extensive research on how some of the biggest winners at this game play it and concluded that these 3 traits describe financially successful people:

    #1: Financially successful people live below their means.

    This may come as a surprise to some, but not many. I have met a handful of financially successful people in my life and the #1 similarity between these individuals was that all of them had a hard time spending their money. All of them talked about how they stick to a budget, only spend when necessary, and try to put money in their savings or toward their retirement fund. Emergencies come up sometimes, and having funds to take care of those situations is extremely helpful, especially in dire situations.

    #2: Financially successful people always look for a bargain

    Sometimes we assume that financially successful people spend their money on anything they want and don’t check the price tag. Though this may definitely be true for some, I wouldn’t say it is true for all. After doing much research online and reflecting on the financially successful individuals I have encountered myself, I’ve found that these individuals are always looking for the best deal. They don’t settle on the first item they see. Instead, they compare prices online, leave the store, check out another for the same item, and even negotiate. Just because they can afford it, doesn’t mean they are willing to spend all that money on the item(s). Financially successful people stay financially successful because every penny counts.

    #3: Financially successful people have an aversion to debt

    Most financially successful people you meet or read about usually say that they keep their debts to a minimum or pay them off quickly. They typically talk about their debt payoff strategy and target ones that are small and easy. These individuals also make sure that when they do take out any loans, they pay attention to interest rates! This is extremely important when taking out any loan or opening a new credit card. Credit cards, like TomoCredit, offer credit with 0% APR/interest, so it is helpful to those who don’t want to rack up a ton of interest fees when opening a new line of credit.

    In conclusion, we feel that financially successful people have these 3 traits. That’s not to say that all financially successful people do or don’t and that others who are not financially successful yet do or don’t either. But if you do have these traits, you are on your way to financial freedom!

  • 8 Tips to Maximize Your Tax Refund

    Tax season is here! The IRS just announced that Monday, 1/23/23, was the first day they would begin accepting and processing 2022 tax year returns. The deadline to file is 4/18/23, so save the date on your calendars! If you plan on making some big purchases with your refund, you might want to read on for some tips and tricks to help you get your biggest refund yet!

    Here are 8 tips that will help you maximize your tax refund:

    #1: Take advantage of an FSA account if your employer offers it

    As part of Tomo’s benefits, we offer all of our employee’s the option to contribute to an FSA account. An FSA account, or Flexible Spending Account, allows you to put money in an account for eligible FSA expenses. When you need to use your FSA dollars, the money is deducted automatically from your paycheck before taxes are taken out. You can save on average 30% by using pre-tax dollars to pay for eligible FSA expenses.

    #2: Donate to charity

    According to the IRA, you may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases.

    #3: Claim credit for energy-efficient home improvements

    This credit offers a maximum value of $1,200 per year from 2023 through 2032 and can go toward investments like qualified energy efficiency improvements made to domestic residences (i.e. improvements towards qualified exterior windows, doors and skylights, and building envelope components).

    #4: Max out your IRA.

    IRAs are a great way to save towards your retirement while reducing your taxable income. Make sure the IRA account is a traditional IRA and not Roth. Roth IRA accounts are not tax deductible now, but traditional IRAs offer tax deductibility in the present.

    #5: Reconsider filing status if you are married

    Filing status is important because it determines your credit eligibility, filing requirements and standard deductions. If you and your spouse have similar or identical incomes, a marriage penalty could affect your tax return. Consult a tax professional if you are unsure if you should file jointly or separately.

    #6: Itemize deductions

    According to IRS, you may benefit from itemizing if any of the following circumstances apply to you:

    • You cannot use the standard deduction.
    • You racked up pricy uninsured medical and dental expenses.
    • You paid interest or taxes on your mortgage.
    • Your employee business expenses were unreimbursed.
    • You gave money to charities.

    #7: Start your tax preparation now to avoid delays!

    If your tax return is simple to prepare and you only have a w-2, it is better to get it done as soon as possible. The IRS processes over 100 million returns each year and can sometimes experience delays due to heavy incoming tax forms. Choosing a direct deposit method for your return may also be the best and quickest option.

    #8: If you are a gig worker, count your work as income

    If you are/were a delivery driver, Uber driver, or did any other work as an independent contractor, you must report your earnings and file your income on your tax return.

    We hope that this information was helpful for you to get your biggest refund yet! For more financial tips and tricks, be sure to subscribe to our Medium page and also check out our website www.tomocredit.com.