left handed man budgeting
Financial Tips Saving

Make Your Tax Refund Work for You!

March 1, 2018

Every year, the middle of April marks the end of the federal tax return filing season. For many Americans, that can mean seemingly endless forms, paystubs, and other paperwork. However, tax time can also be a unique opportunity for saving for your future! You can maximize tax time in three easy ways and have your tax refund work for you.

1. Put your refund into a saving account
For people claiming some of the unique tax credits that benefit hardworking families around the country such as the Earned Income Tax Credit and the Child Tax Credit, their tax refund may be the largest sum of money they will see the entire year. By opening a savings account, you can deposit a portion or all of your refund and let the amount grow over time. Luckily, you can do this using the IRS Form 8888, which will divide your refund over multiple accounts.

2. Put your refund into a savings bond
As a part of the Form 8888, you are now able to easily and seamlessly purchase Series 1 US Savings Bonds as you prepare your tax return! These 30-year bonds are backed by the United States government and they will pay you interest yearly. Bonds are a great, low-risk option to grow your savings while receiving a little bit of money each year.

3. Get your taxes prepared for free
If you make less than $53,000 a year, you can your taxes prepared at no-cost by IRS-certified volunteers in your local community! The Volunteer Income Tax Assistance (VITA) program has served millions of Americans for more than 45 years. If you qualify, you can find your local VITA program using this tool; at these VITA sites, you can find expert information to help demystify the tax code and to prepare your taxes.

These three steps are only a small sample of how you can leverage this annual process! Tax time can be confusing but you can maximize your tax return to build for a more sustainable future. Don’t delay and be sure to start your own saving story today!

Article provided by http://www.americasavesweek.org



Banking Made Easy

At TFCU, we are committed to offering an extensive range of products and services designed specifically with you in mind! We want to make your banking experience as easy as possible by giving you convenient access to manage your accounts on the go, all while providing you with the latest and greatest banking technology.

In addition to banking products & services, TFCU has several affiliate companies known as Credit Union Service Organizations! These companies allow us to offer Insurance Services, Financial Services & Real Estate Services to our members.

TFCU membership is available to anyone who lives, works, worships or attends school in Bristol County, Massachusetts; Bristol, Kent, Newport and Providence counties in Rhode Island; and the Rhode Island towns of Charlestown, Exeter, Hopkinton, Narragansett, New Shoreham, North Kingstown, Richmond and South Kingstown. Membership is also open to immediate family members of existing members.

  • Are you looking to support local businesses that have been affected by the COVID-19 pandemic? 
We've got 5 easy ways you help your favorite local businesses survive during these difficult times: http://tfcublog.com/2020/03/5-ways-to-help-local-small-businesses-survive-the-coronavirus-crisis/
  • If you’ve been following the guidelines set by the CDC to help prevent the spread of the coronavirus, you’re careful to avoid touching your face and to wash your hands frequently and thoroughly with soap and water for at least 20 seconds. But did you know that the cash in your wallet is carrying thousands of germs and other microorganisms? Debit cards aren’t much better, and usually carry their own armies of germs and microorganisms.

As the coronavirus continues to spread, it’s best to stick to these guidelines for hygienic money management: http://tfcublog.com/2020/03/how-to-safely-manage-your-money-during-the-coronavirus-pandemic/
  • At TFCU, we have committed $250,000 towards assisting our members facing financial hardship during this difficult time.

If you are in need of assistance, please visit https://tauntonfcu.com/hardship-loans to take a look at some products TFCU has available to you, including assistance to First Responders & Medical Professionals!

You can also call (508) 824-6466 and discuss your options with a Member Service Representative.
  • Do the #coronavirus quarantine blues have you down? From learning a new language to fixing up your house, there are tons of ways to break the boredom. We’ve got ideas!

Check them out here and let us know if you have any ideas to share with others: http://tfcublog.com/2020/03/stuck-at-home-spend-your-time-productively/
  • Have you been sheltering at home during the #coronavirus pandemic and are starting to wonder if your kids would be OK if you made them camp in the backyard until things get back to normal? Take a deep breath and check out our list of easy, fun home activities you can do with the kids that will let out energy, promote togetherness and make memories that will last a lifetime. From indoor snow to balloon ping-pong, there are tons of fun things you can all do together!

View the full article here: http://tfcublog.com/2020/03/fun-activities-to-do-with-your-kids-at-home/
  • During these difficult times, we would like to remind you to be vigilant of fraudsters who unfortunately use these opportunities to take advantage of others. 
For for information regarding the types of scams to watch out for, visit the Federal Trade Commission’s website for a complete list of typical scams related to the COVID-19 pandemic.


Follow Me!