(BPT) - It’s that time of year again when you may find a little bit of extra money in your pocket, thanks to your annual tax refund. There are plenty of practical ways to spend it, such as putting it toward paying off credit cards, loan payments or even starting a college fund, but there is always something tempting about taking that money and putting it toward something just a little bit more fun. Instead, consider something that is both practical and fun that you will use every day and will help you save money throughout the year.
1. Learn something new: Maybe you have been meaning to learn a new skill or explore a subject that you have taken interest in. Your refund is the perfect solution to fund a new hobby. A little bit of cash and a few extra hours a week can go a long way in honing in on one of your new (or old) passion points. Look into your local community college, dance studio, art center, etc. and check out the various classes offered to find one that piques your curiosity. If you are lucky, these courses could turn into something far more fruitful that will last far beyond tax season.
2. Be on the cutting edge: Haven’t you always wanted to be the first among your friends with one of the latest smartphones? Often though, it becomes too expensive between the phone, the update charge and the data fees. This year, use your tax refund to purchase one of the latest smartphones and a new wireless plan that allows you to save in the long-term. Achieve balance with Straight Talk’s $55 Ultimate Unlimited* Plan, and stay in touch with friends and family, stream the latest videos and navigate while you’re on-the-go without worry. While you reward yourself with the latest technology and unlimited* data, you’ll also give yourself the gift of saving on your phone bill all year long.
3. Plan a staycation: Planning a vacation can be tough with a hectic family schedule. Between working out the details and packing, the planning process can become overwhelming. Why make it complicated when you can instead vacation from the comfort of your own home? Use your refund to have family-based experiences in your hometown — many museums, zoos, waterparks, etc. offer discounted year-round family memberships, too. Even though your staycation may end once the weekend is over, the new membership will allow for family fun to continue throughout the year.
4. Get fit: Have you faltered on that New Year’s resolution to spend a few more hours a week at the gym? Your tax return is your second chance at getting into better shape this year. If the gym isn’t for you, put it toward trying a new exercise class, or better yet, do it with a friend or partner! Many workout studios give discounted classes for your first session, so you’ll have the opportunity to “try before you buy” — and if you love it, pick up a package of classes to reduce longer-term costs.
5. Cook a homemade family feast: While you could take your hard-earned tax return to a fancy restaurant, you could also make a fancy dinner right at home. Use your extra spending cash to revamp your kitchen with new appliances and ingredients that will allow for more exciting in-home dining. Splurge on a homemade pasta maker or a brand-new mixer, then work as a family to cook up your very own secret recipe. These purchases and new creations will result in a fun night of cooking for the whole family, but also will be around for years to come!
You work hard all year and deserve to reward yourself with something fun and practical that can bring a little more balance to your emotional and financial health. For more information and ways to save, visit StraightTalk.com.
*At 60GB, Straight Talk reserves the right to review accounts for usage in violation of its Terms and Conditions. Please refer to the latest Terms and Conditions of Service at StraightTalk.com. A month equals 30 days.
With tax season in full swing, take time to consider how to get the most out of your tax return, which includes finding all the credits and deductions available to you. These often-overlooked tax breaks could potentially save you hundreds – maybe even thousands – of dollars if you itemize deductions.
Don’t Overpay Your Taxes
Commonly overlooked credits and deductions
(Family Features) With tax season in full swing, take time to consider how to get the most out of your tax return, which includes finding all the credits and deductions available to you. While many taxpayers claim common deductions, such as home mortgage interest and self-employment expenses, there are additional tax deductions that can lessen your final tax bill or increase your refund. These often-overlooked tax breaks could potentially save you hundreds - maybe even thousands - of dollars if you itemize deductions.
To start, get to know the difference between tax credits and tax deductions. Tax credits reduce the amount you owe in taxes. In some circumstances, tax credits allow a refundable credit, meaning you may not only reduce the amount you owe to $0, but you can also get money back. Deductions, on the other hand, simply reduce your taxable income. Both can have a potentially significant impact on your taxes and are often worth the extra effort to include on your return.
Some commonly overlooked credits include:
1. Child and Dependent Care Credit
2. Earned Income Tax Credit
3. Saver's Credit or the Retirement Savings Contributions Credit
Some tax deductions that allow you to reduce your taxable income include:
1. Moving Expenses
2. Tax-Preparation Fees
3. New Moms
4. Career Corner
5. Wedding Bells
6. Medical Fitness
7. Road Warriors
If you're getting a refund, you typically want it as soon as possible, but that isn't always an option, especially if you are one of the millions of Americans who claim either the Earned Income Tax Credit or Additional Child Tax Credit. You could access up to $3,200 with a no-fee Refund Advance loan at zero percent annual percentage rate (APR), offered by MetaBank, at participating Jackson Hewitt locations. Terms apply, visit JacksonHewitt.com for details.
Did You Know?
1. The IRS, as well as many states, allows taxpayers to catch up on missed credits or deductions, offering a three-year window for filing an amended tax return. You can secure unclaimed credits and deductions by filing amended tax returns to avoid losing any unclaimed funds from as far back as 2014.
2. With locations across the United States, including kiosks in 3,000 Walmart stores, the tax professionals at Jackson Hewitt make it easy to stop in when it's most convenient for you.
3. If you are a single parent, you can file as Head of Household instead of Single. This filing status can provide better deduction options and a lower tax rate schedule.
Photos courtesy of Getty Images (Woman looking at computer, Man sitting on the floor with papers)SOURCE:
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