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How to Ensure that Your Tax Refund Works for You

By sbanderas | October 30 2018
Categories: Finance,  News
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In each year, the middle part of April usually signifies the close of the season for federal tax return filing. For a lot of Americans, this can signify seemingly endless pay stubs, forms and other kinds of paperwork. However, tax season can also provide you with a one of a kind opportunity to save for your future. You can be able to maximize tax time with the help of these easy ways – also ensuring that your tax refund works for you.

 

Put the tax refund into a savings account

For most people that claim a host of the peculiar tax credits that usually benefit hard-working families throughout the country such as the Child Tax Credit and the Earned Income Tax Credit, their refund might just be the largest amount of money they will see in the entirety of that year. By deciding to open a savings account, you can be able to deposit all or a portion of your tax refund – also ensuring that the money grows over time. Luckily, you will be able to do this by making use of the IRS Form 8888 – capable of dividing your refund over several accounts.

 

Put the tax refund into a savings bond

As one of the perks of the Form 8888, you now have the ability to seamlessly and comfortably buy Series 1 Savings Bonds as the preparation for your tax return commences. Strongly backed by the US government, these bonds last for 30 years and are also guaranteed to pay you a yearly interest. Bonds are usually a brilliant and low-risk way to keep your savings, while also receiving small chunks of money every year.

 

Preparation of your taxes for free

If you earn less than $53,000 per annul, you can actually have your taxes prepared for you at no cost by volunteers in your community who are IRS-certified. For more than four decades, the VITA program (Volunteer Income Tax Assistance) has provided service to millions of Americans. If you meet the qualifications, you can locate your local VITA program with the help of this website. At the VITA program, you’ll be able to find professional information that will help to demystify the tax code while also helping to prepare your taxes.

 

Establish your emergency fund

This is arguably one of the most important things you can do to ensure that you can maintain a strong and healthy financial state – also ensuring that you’re protected from going into debt. The emergency fund ought to contain at least 3 months of living costs, while also being held in a liquid account that can be easily accessed, such as a money-market account or a savings account.

These steps are just the tip of a large iceberg as regards ways you can leverage the process of tax season. Granted, tax season can be quite complicated, but you can maximize your return so as to ensure a sustainable future. Make sure you don’t delay so much. Start your saving story as soon as possible!