Friday, May 25, 2018
Monday, May 21, 2018
Thursday, May 3, 2018
Monday, April 30, 2018
Wednesday, April 25, 2018
Are you receiving a tax refund this year? No doubt you’ve already heard about why you shouldn’t be giving the government an interest-free loan. Maybe you’ve decided to revise your withholding or estimated tax payments to reduce the amount of next year’s refund. Either way, you have options. Financial planning means creating effective strategies that work for you.
The more important consideration right now is what you do with the money you get back. Here are ideas for making the most of your refund:
- Stash it away. When the unexpected happens, it’s your job to figure out how to pay the resulting bills. Putting part of your refund in a readily accessible location such as a checking or savings account will help you weather temporary setbacks without incurring penalties or transaction fees.
- Use it wisely. Using your refund to invest for the long-term is usually a good idea. For instance, energy-efficient windows or a new water heater may result in lower electric and insurance bills. Ditto for paying down high-interest credit cards, as long as you resist the urge to reload them.
- Invest in yourself. Using your refund to refresh your career skills or to learn new ones can provide a double benefit: more employment opportunities and tax savings. If you’re unsure of your job security, put your refund to work by financing a home-based business and creating a second stream of income.
Want to know other options for your tax refund that may provide tax breaks this year?
Find the time that works best on your calendar and schedule a consultation today at www.bas-pc.com/schedule.
Tuesday, April 17, 2018
Friday, March 30, 2018
If you plan on having the IRS deposit your tax refund into one or more individual retirement accounts (IRAs), most of the hard part is already done: You’ve already decided that you want to save the money instead of spending it on new patio furniture or a trip to Jamaica.
Still, you’re not in the clear yet. Here are a handful of possible obstacles that might mess up your tax refund on its way through the direct deposit process:
- Wrong account number. If you accidentally use the wrong account number and it belongs to another customer, that mistake could take weeks or even months to correct. The IRS maintains that correct input of financial information on the tax return is the taxpayer’s responsibility, so make sure you check and recheck the account numbers you are using for your refund.
- Manual revisions. If the IRS gets your tax return and finds that the routing numbers have been manually revised, your direct deposit request has a higher chance of being rejected. You may get an old-fashioned refund check in the mail.
- Wrong type of account. It’s up to you to verify that your financial institution will accept direct deposits into an IRA. Some banks, for example, will reject direct deposits to anything other than a savings account.
- Refund adjustments. Sometimes the IRS corrects a taxpayer’s math or makes other adjustments that can affect the refund amount. In some cases, these adjustments may result in a direct deposit that exceeds the allowable IRA contribution amount. If so, you could be stuck with a penalty for excess contributions.
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