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Make Your Tax Refund Work for You!
More than half of all Americans have no savings to help them cope with even small emergencies. Yet more than 100 million taxpayers get refunds from the IRS each year. For many individuals and families, that tax refund is the largest check that they will receive all year, the perfect windfall to start or grow an emergency fund.
Every year, the middle of April marks the end of the federal tax return filing season. For many Americans, that can mean seemingly endless forms, paystubs and other paperwork. However, tax time can also be a unique opportunity to save for your future! You can maximize tax time in three easy ways and have your tax refund work for you.
- Put your refund into a saving account
For people claiming some of the unique tax credits that benefit hardworking families around the country like the Earned Income Tax Credit and the Child Tax Credit, their tax refund may be the largest sum of money received the entire year. By opening a savings account, you can deposit a portion or all of your refund and let the amount grow over time. Luckily, you can do this using the IRS Form 8888, which will divide your refund over multiple accounts.
- Put your refund into a CD
Certificates of Deposits allow you to easily lock in your interest rate and terms to meet your needs! CDs give you the security of a fixed rate, on your terms. Stop by one of our Better Banks branches and speak with the Branch Manager or Customer Service Representative to get started.
- Get your taxes prepared for free
If you make less than $54,000 a year, you can get your taxes prepared at no-cost by IRS-certified volunteers in your local community! The Volunteer Income Tax Assistance (VITA) program has served millions of Americans for more than 45 years. If you qualify, you can find your local VITA program here and gain access to expert information to help demystify the tax code and assistance so you can prepare your taxes.
These three steps are only a small sample of how you can leverage this annual process! Tax time can be confusing but you can maximize your tax return to build for a more sustainable future.