It's not an either-or question. It's both. You really need to save and reduce debt. Easier said than done, right? It can be done, you just have to make some sacrifices today to get yourself in a better situation for a financially secure future.
We are a generation of maximizers, and it's both a blessing and a curse. Sure, we can identify what we like, online, on our phones and in store, but liking a product simply isn't enough to make us buy it.
There seems to be a general belief around this time of the year that if you're getting a refund, then you should spend it on something fun. All the ads urging us to go out and splurge certainly seem to think so. But is that really the case?
The first income tax day in U.S. history was on March 1, 1914. Four years later, Congress passed the "Revenue Act," which moved tax day forward by two weeks to March 15, where it remained in effect until 1955. Why the change to April 15?
Abraham Lincoln once said, "You cannot escape the responsibility of tomorrow by evading it today." Following these tips can help you conquer the panic today of tomorrow's tax-filing responsibility while simultaneously building your nest egg and driving increased retirement readiness.
So, you just got your tax refund in the mail. What are you going to do with it? Chances are you'll probably end up spending it on something you don't really need. Why not make your money work harder for you?
While few people will regret saving money, another wallet-friendly option is to invest your tax refund into money-saving projects, such as energy efficient home improvements. In addition to helping reduce utility costs, you may qualify for a tax credit.
Every year the rules are different and other considerations related to filing your tax return and paying the least you can or getting the biggest refund you can are changing and constantly new and confusing, so like most taxpayers, you probably have a lot of questions.
For many taxpayers, the income tax return and corresponding income tax refund is the largest single financial transaction of the year -- both in size and complexity. It deserves focus and attention, both during the tax return preparation and afterwards managing the tax refund responsibly.
With over 75 percent of all tax filers getting a tax refund and the average federal tax refund at about $3,000, what should you know to get your refund as fast and safely as possible? Here are some steps you can take.
While you can't get time spent on home improvements back, you can often get some of your dollars returned either at tax time or when you sell, provided that you track of all of your costs as you own and work on your home.
Not only are there a great many tax considerations related to fatherhood, many of them are often overlooked. So to mark Father's Day, here are some tax-specific ways to take advantage of the unique benefits of being a dad.
The end of tax season is the biggest financial event of the year, claim 75% of Americans, as they anticipate a refund of their hard-earned money after filing their taxes. However, only 37% of tax payers choose to invest their savings or use it to repair their finances.
Amending a tax return can be very complex. There are many considerations, from determining what is incorrect and what the correct information should be, to knowing what forms to attach, to making sure the state return is amended correctly and timely.
While April 15 is commonly accepted at "tax day," for many taxpayers and especially small business owners, freelancers and self-employed professionals, there are other important "tax days" to keep in mind.
While it is tempting to splurge on your tax refund, dedicating a significant portion of your refund to savings is a great way to establish and/or strengthen your personal economy to weather financial emergencies. Start stretching your tax refund by doing the following.