Here’s a list of what to know when planning to have your taxes done:
- For families, couples and individuals that are working you should check to see if you are eligible for the Earned Income Tax Credit which is a tax credit for both low income and moderate income earners.
- You can save money during tax time and have the chance of winning big prizes with the SaveYourRefund campaign. Anyone who files for a tax refund is eligible and there are two incredible prizes of $10,000 each. All you have to do is share your motivation behind saving money and you will have a chance of winning.
- There is a program called VITA (Volunteer Income Tax Assistance) where you can get free tax help as long as you do not earn over $55,000 per year. If you are a person with disabilities you can also apply to this program. This is a great opportunity to receive free tax advice that would normally cost you hundreds of dollars.
Come Up With A Great Plan For Your Tax Refund Money
After going through all the hassle of filing your tax return it is often tempting to spend all of your tax refund on things you don’t really need and shouldn’t be buying because it feels like you just received free money.
This is a pitfall that many people fall into and you should avoid at all costs.
If you are able to use that money wisely either through saving or investing, you can really start to make a positive impact on your finances, especially if you have some debt to pay off.
A good place to start is by simply saving at least 50% of the refund and then allowing yourself to spend the other 50% on whatever you want, completely guilt free.
Do You Need Help Planning An Extension?
Sometimes things just don’t go to plan and you may need to apply for an extension.
This is actually really simple and all you need to do is download a 4868 form which you can get from the IRS website. You are able to fill out this form and file it electronically using e-file on your computer or through a tax professional.
If you fit the criteria outlined in tip #3 above then you can talk to the Volunteer Income Tax Assistance program and they will be able to help you out with any questions you may have.
If you prefer not to do things online then you can fill out the form and send it to their mailing address shown on page 4 of the form.
other valuable tips:
Now You Can Relax
Tax time can quite often be very stressful but by being prepared and talking to the right people you can get it done and be stress-free while you wait for that money to hit your bank account.
Just remember to spend it wisely.
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