Instead of spending your tax refund on something you do not truly need, put it in a savings account where it will accrue interest and grow. A savings account can serve as a retirement fund or emergency account. It is recommended to have funds to cover your expenses for four to six months in your savings account in case of an emergency. You can also send us your tax refund and we will apply it toward your DMP. By putting this extra money toward your DMP, you will get out of debt sooner and save money in interest charges. Think of the best use for your tax return and do not fall prey to sales and tempting purchases.

Do you owe money?

If you owe money to the government, perhaps you should re-examine your financial plan so that you do not get stuck with a huge tax bill next year. Contact your local chamber of commerce and inquire about financial professionals that donate their time and services or contact a tax advisor for more information.

Don’t pay for electronic filing

The Internal Revenue Service (IRS) offers Free File  a free online service that lets you prepare and file your tax return electronically. Calculations are instantaneous and you are informed whether you owe money or are receiving a refund. A refund can be mailed or directly deposited into your bank account. Visit www.irs.gov/efile for more information.

DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt.  Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org. DMCC is located at 3310 N. Federal Highway, Lighthouse Point, FL 33064.