A Financially Mindful Holiday Season
Have a fun and fulfilling holiday season without depleting savings or going into debt.
Manage Your Debt - Let's Explore Your Options
GET STARTED NOWTax season can be an exciting time for savers. This year, more Americans are opting out of a tax time splurge and focusing on getting ahead with their tax refunds.
Early filers can still file as they normally would, but we’ve got a couple tips in mind for how your household can use this information to make the most of your tax time preparations:
1. File a tax return, even if you do not owe any tax or are not required to file.
You can’t get the EITC unless you file a return. End of story. Since the IRS estimates that about 25 percent of taxpayers who are eligible for the EITC fail to claim it, this is a vital first step in determining your eligibility.
Bonus? If this is the first year that you are claiming the credit, you can use the EITC Assistant to see if you qualify for previous tax years: 2015, 2014 and 2013. You can file any time during the year to claim the EITC. One client of the United Way Tax preparation had never claimed the EITC tax credit. Not only did she qualify for the current year, but she was able to go back three more years and amend her taxes. She received over $13,000 in a tax refund.
Something to know: A new tax law will delay refunds that claim the EITC or the Additional Child Tax Credit (ACTC) until February 15. Learn more here.
2.Decide where and how you will file your taxes and know your free options.
Unless you know your return is going to be complicated this year, paying someone to file a tax return should always be a last resort. Decide whether you’d rather file online or in person, and then check out these free filing options:
3.Make a plan for your tax refund that accounts for the EITC/ACTC delay.
We know it can be hard to come up with alternative funds if you already had plans for your refund early in the year, but don’t be suckered by refund anticipation products provided by many commercial tax return preparers. The loan fees will have you seeing red.
If you start your planning by dedicating your refund, or at least part of it, to savings, you can get ahead of your savings goals. Enter the SaveYourRefund promotion with $35,000 in cash prizes and 101 chances to win simply for saving a portion of your refund. For more information and how to commit to saving prior to filing your return, visit saveyourrefund.com
Tammy G. Bruzon works for America Saves, managed by the nonprofit Consumer Federation of America (CFA), which seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Learn more at AmericaSaves.org.
Browse our recent blog articles and you will see and learn about the various ways AFS can help you, as well as educate yourself.
Have a fun and fulfilling holiday season without depleting savings or going into debt.
As incidents of identity theft become more prevalent, so do they ways we can protect ourselves. We've compiled over 15 ways to secure your identity. Read on to learn more!
While the courts struck down the student loan forgiveness program, there are still new programs that can significantly assist borrowers in managing their student loans. Below, we outline two of those programs and how to access them.
Across the United States, parents are preparing for students to return to school. And with that comes needed supplies, clothing, equipment for extracurricular activities, and more. So, we thought we’d provide some ideas on ways to reduce or mitigate some back-to-school expenses. Many of these ideas come from our own staff who are also dealing with the rising costs of sending kids to school.
Call us at (888) 864-8548
and your counselor will review your credit report, analyze your financial situation and help you find the option that's best for you.