Tax Time Savings Tips
According to a 2016 report from the Federal Reserve Bank, 46 percent of consumers indicated that they either could not pay for an emergency expense of $400, or would need to borrow or sell something to do so. Saving throughout the year can be tough. It may feel like every paycheck is spent before you get it. You might not have access to an easy way to save, like a separate account or automatic deposit from your paycheck.
If you’re going to get a tax refund, it may be the single biggest lump sum you will receive all year. You can take advantage of tax time to prepare yourself for unexpected emergencies, or plan ahead for the future.