Financial Freedom Week 3 Recap: Tax Preparation
Posted Jan 08, 2015
As we start off the New Year we are thinking about resolutions, taking holiday decorations down, and preparing for the inevitable tax season! Luckily, this last week we have been covering different opportunities, hints, and tips for taxes and how to best deal with them going into 2015.
We started off the week with the “Taxpayer Bill of Rights”, reminding our members not to forget that they can challenge the IRS and that they have the power to get and stay informed. Coming off the holidays is already stressful enough, and going straight into tax season can easily be overwhelming. Knowing your rights and what resources are available can greatly alleviate this stress. Throughout the week we offered videos, links, and tips directly from the IRS to help better position our members when filing. One of my favorite days centered on discussing tips for college students and how they can get money back for books, tuition, supplies, etc. There are even tax credits that have been prolonged and can potentially put thousands of dollars back into the hands of students.
Two of the most significant takeaways from the past week have involved how to plan for and disperse one's tax refund. Here at Voyage we have resolved to be more proactive with our book keeping, and are creating systems to facilitate this process going forward into 2015. As the year progresses we urge our members to practice the mindset that tax refunds should not be viewed as windfalls. Think of them as a yearly disbursement that can assist in the paying off of debt or as the beginning of a rainy day fund.