Happy Returns: Tips for Saving Money at Tax Time 
From GreenPath Debt Solutions

The Federal Deposit Insurance Company (FDIC) offers the following tips to keep in mind as you prepare to file your taxes.

Consider using tax time to pay off high-interest debt or save for the future. Use your tax refund to pay down high-interest debt and build up your savings.

Avoid high-interest loans offered at tax time. Loans, such as a refund anticipation loan, are costly and often unnecessary. Taxpayers can expect to have their tax refund direct deposited into their bank account within about 10 days of when the return was electronically filed with the IRS.

Be on guard against tax-related frauds.  An example of a tax scam is e-mails falsely claiming to come from the IRS and intended to trick taxpayers into revealing personal information. For other scams, go to www.irs.gov/newsroom and click on “tax scams.”

Check out programs offering free tax help. The IRS Volunteer Income Tax Assistance program and the Tax Counseling for the Elderly service offer free tax-preparation assistance for low-income, disabled, elderly, and non-English speaking taxpayers. Another IRS program, Free File, allows taxpayers who earn $58,000 or less to file their federal taxes for free through the IRS Web site.

Ask if you may qualify for unusual tax breaks. These may vary from year to year, but taxpayers in special situations, such as those who started a small business or were unemployed, should check with the IRS for special considerations that may apply to them.

For more information, go to www.irs.gov or consult a tax advisor.

Source: FDIC Consumer News