Tax season is swiftly upon us and soon taxpayers will be preparing to file their taxes and plan for their refunds. The IRS estimates that 20 percent of taxpayers who are eligible for the Earned Income Tax Credit (EITC) fail to claim it, which could mean the difference between getting ahead or staying in the red in 2017. The added complication to this common oversight is that new tax law will prevent the IRS from issuing refunds that claim the EITC or Additional Child Tax Credit before February 15. Making sure that taxpayers are aware of the credits and assistance available to them, as well as the impact that delays may have on their refund plans has never been more important.
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Tax filing season is upon us once again, an opportunity to assess your financial situation, set goals for the year, and find ways to save towards those goals. Here are three easy ways to save money this tax season and get a jumpstart on your savings goals in the New Year:
Do you receive a large tax refund every year? If yes, check your tax withholdings and adjust those withholdings to match the number of dependents in your household to receive more money back in your paycheck throughout the year. Receiving a large tax refund is essentially giving Uncle Sam an interest-free loan on your money, so now’s the time to look twice at your refund strategy.
To start, check that the number of your dependents match the number of dependents in your Leave and Earning Statement (or LES) on MyPay? If not, consider adjusting your withholdings. For example, a married servicemember with two children can claim four dependents, including himself or herself.
Run the numbers on online calculators, such as suburbancomputer.com to see how these changes might impact your paycheck. If receiving a large tax refund (or whatever refund you do receive) during tax season works for you, save a portion of your refund with SaveYourRefund to be entered for a chance to win up to $25,000 in cash prizes! For more information and to learn how to commit to saving prior to start of tax season, visit saveyourrefund.com . Then, take the Military Saves Pledge to identify a goal for that savings.
Alecia D. Blair works for Military 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 militarysaves.org.
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