Elizabeth and Niko are very organized and do an excellent job organizing their personal financial records. How will this BEST help them when they file their taxes?

Question

If they have organized records, they won’t likely have to file taxes.

This can help them maximize their deductions.

Their tax return will definitely not be audited.

They are guaranteed to get a tax refund instead of owing taxes.

Answer 1

The best way organized financial records will help Elizabeth and Niko when they file their taxes is:

This can help them maximize their deductions.

Having organized records allows them to easily track and document their income, expenses, and any potential deductions, which can ultimately lead to a more accurate tax return and possibly reduce their tax liability.