Friday, March 16, 2018
With less than a month left to file your taxes, many Americans are feeling the strain of the season. If you're one of them, consider the following tips from U.S. News Personal Finance Editor Susannah Snider:What, exactly, is a tax refund? Don't think of a refund as "free money" – it's actually already yours. In fact, experts often describe the money in your refund as an interest-free loan to Uncle Sam. That money could be better spent growing in a retirement account, padding your emergency savings or funding another financial goal. If you're consistently receiving massive tax refunds, consider whether you should adjust your withholding.
Get the most out of your refund. Get started on your taxes at the beginning of the year, if possible, so the race against the clock doesn't cause you to forget or neglect potential tax credits or subsidies that could be in your pocket. Filing early will also help protect you against a common financial scam in which fraudsters file a tax return in your name and steal your refund.
Once you receive a tax refund, use it wisely. While treating yourself isn't always a bad idea, if you have more pressing financial obligations, or your emergency fund needs a boost, use some of that money to help reach those financial goals.
Source: http://www.usnews.com
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