Expert Tax Tips to Make 2014 Tax Season as Painless as Possible

It’s that time of year again … time to think about taxes. Consider the following expert tax tips to make the 2014 tax season as painless as possible.

  • File early. By doing so, you reduce your chances of identity theft. And if you are receiving a refund, you will have the money in your pocket that much sooner.
  • Choose the right filing status. Your filing status can have a huge impact on your overall taxes. Make sure you get it right.
  • Claim the right amount of dependents. If someone has lived in your home all year, related to you or not, and you have paid half of their expenses, and their income level is $38,000 or less, they can be considered as a dependent.

Once you receive a refund, how can you use it wisely? Consider the following:

  • Set up an emergency savings fund. If you do not have an emergency savings fund that will cover three to six months of living expenses, your tax refund can be used to implement an emergency savings fund.
  • Invest in your retirement. There is never a wrong time to invest in your future retirement. Consider placing your tax refund in a 401(k), Roth IRA or an IRA.
  • Save money for college. If you see college in you or your child’s future, it could be to your advantage to deposit your refund into a 529 College Savings Plan.

For more information about how you can save money on your taxes, or any lending question, contact us today! We are Avis Lending; and we are happy to help you.

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