Friday, January 30, 2015
Davis Motor Sales banner ad
Posted on 2/2/14

tax keyFRANKFORT, KY (1/11/13) – It’s tax time! In 2012, approximately half of all tax payers received a refund.
 
If you are in the majority of Americans expecting a tax refund this year, develop a plan now to ensure you are making the best use of this money. The average tax refund in 2012 was about $3,000. For many Americans, this may be the largest lump sum of money received during the year.
 
Although it might be tempting to spend your tax refund on something fun for you or your family, it is important to develop a plan to use your tax refund to help you meet your financial goals for 2013. Develop a plan on paper, similar to a monthly budget, to spend your refund. Start by making a list of your debts. Consider either making additional payments on your highest interest rate credit card or paying off your smallest debt entirely. Next, build your emergency fund. It is recommended to have 3 to 6 months of living expenses in a savings account, in case of job loss or medical emergency. Look at your monthly budget, can you set some money aside to pay upcoming expenses or save for a family vacation or holiday to help you pay cash in the future and avoid credit card debt?
 
Consider splitting your refund. The IRS will allow you to split your refund into different accounts. Splitting your tax refund is similar to having your employer or bank split your paycheck between a savings and checking account. Statistics show that if you deposit your paycheck directly into checking, you will save less than splitting the deposit between checking and savings. The same principle applies with your tax refund. You can split your refund if you file electronically or by mail.
 
Educational programs of the Kentucky Cooperative Extension Service serve all people regardless of race, color, age, sex, religion, disability, or national origin.
 
SurfKY News
Information provided by Laura Holt and Janie Culton

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

2/6/2014 - posted
3/13 - 16
1 DOW 17,416.85
+225.48 (1.31%)    
2 S&P 2,021.25
+19.09 (0.95%)    
3 NASDAQ 4,683.41
+45.41 (0.98%)    
2/6/2014 - posted
3/13 - 16

Most Read This Week

January 28, 2015 16891

UPDATED: Several Involved in Two-Vehicle Accident

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News
January 23, 2015 10081

Local Church's Faith Restored; 71 Souls Saved…

in Video by Gary Gates, SurfKY News
January 26, 2015 7109

KSP Arrests Two on Child Porn Charges; MPD…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
January 25, 2015 6947

Dean’s List Announced

in Top News For All Sites Touching Hopkins by Joyce Riggs
January 28, 2015 6332

Nortonville Man Accused of Meth Possession,…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
January 23, 2015 6133

Parents Face Charges after Marijuana Joint Falls…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 23, 2015 4913

Nortonville Woman Charged for Meth Possession

in Local (Hopkins) Top News by Hopkins County Sheriff's Office/Hopkins County Detention Center
January 26, 2015 4847

School Board Votes 3-2 for Utility Tax

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News

Most Read This Month

January 08, 2015 21996

Woman Claiming to be 'Lady Gaga' Tours Town in…

in Top News For All Sites by Madisonville Police Department
January 15, 2015 21683

UPDATE: Fatality Victim's Name Officially Released

in Top News For All Sites by Doreen Dennis, SurfKY News

Stories Trending Today

January 28, 2015 16891

UPDATED: Several Involved in Two-Vehicle Accident

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News
January 28, 2015 6332

Nortonville Man Accused of Meth Possession,…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
January 29, 2015 4589

Man Charged with Sexual Abuse of Child

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News
January 28, 2015 4283

Tax Recall Committee Formed Day After School…

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
January 28, 2015 2922

Madisonville Police Arrest Reports - Jan. 28, 2015

in Hopkins News by Madisonville Police Department
January 29, 2015 2785

UPDATE - Students Have until Jan. 31 to Enter…

in General News For All Sites by James R. Comer
January 27, 2015 2662

Whitfield Works to Combat Prescription Drug Abuse

in General News For All Sites by Marty Irby
January 28, 2015 2505

Muhlenberg District Court Fines Handed Down

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
January 28, 2015 2245

Hopkins County Sheriff's Reports Released

in Hopkins News by Hopkins County Sheriff's Office
January 28, 2015 1721

Letter to the Editor - Month of Mentors

in Hopkins News by Mallory D. Johnson
January 28, 2015 1651

Kentucky Lottery Results for Tuesday Jan. 27, 2015

in General News For All Sites by Kentucky Lottery
January 28, 2015 1549

Old City Hall Space to be 'First United Bank…

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News