Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

Make a Plan for Your Tax Refund

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 2014 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 This material may not be published, broadcast, or rewritten without permission.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.

Posted on 2/2/14

Latest Video

Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Stock Report

1 DOW 17,279.74
+13.75 (0.08%)    
2 S&P 2,010.40
-0.96 (-0.05%)    
3 NASDAQ 4,579.79
-13.64 (-0.30%)    
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Most Read This Week (Site-Wide)

September 15, 2014 5802

Man Accused of Stealing Rural King…

in Top Stories by MCSO PIO Alex Piper
September 16, 2014 4427

Postal Worker Arrested for Terroristic…

in Top Stories by GPD PIO Wes Miller
September 19, 2014 3303

Madisonville Man Among Three Arrested for…

in Top Stories by Muhlenberg Sheriff Curtis McGehee
September 17, 2014 3255

Two Arrested for Meth After Traffic Stop

in Top Stories by Alex Piper
September 17, 2014 3169

Wanted Man Leads Troopers on Chase…

in Top Stories by Trooper Stu Recke

Most Read Stories from Hopkins County

September 17, 2014 3169

Wanted Man Leads Troopers on Chase…

in Top Stories by Trooper Stu Recke
September 19, 2014 2045

Five Injured in Two-Vehicle Collision at…

in Top Stories by MPD Officer Russell Nichols
September 17, 2014 1985

Three Injured in Two-Vehicle Accident

in Top Stories by Kyle Pharris
September 18, 2014 1743

Manitou Man Charged with DUI

in Top Stories by Madisonville Police Department
September 18, 2014 1608

Vehicle Strikes CSX Train Cars at Crossing

in Top Stories by Trooper Stu Recke

Most Read Stories from Owensboro

September 18, 2014 532

Owensboro's Nathan Morris Has Worldwide…

in Top Stories by Paul McRee, SurfKY News
September 19, 2014 504

Police Searching for Hit-And-Run Driver

in Top Stories by Jennifer Smith, DCSO
September 19, 2014 427

STREET CLOSINGS FOR MONDAY, SEPTEMBER 22

in Top Stories by Abby Shelton
September 18, 2014 376

9-1-1 Phone Lines

in Top Stories by Michael Hathaway
September 18, 2014 341

Bearcats Return to Owensboro for…

in Top Stories by Kayla Cruse

Most Read Stories from Muhlenberg County

September 15, 2014 5802

Man Accused of Stealing Rural King…

in Top Stories by MCSO PIO Alex Piper
September 16, 2014 4427

Postal Worker Arrested for Terroristic…

in Top Stories by GPD PIO Wes Miller
September 17, 2014 3255

Two Arrested for Meth After Traffic Stop

in Top Stories by Alex Piper
September 17, 2014 1316

Muhlenberg Job Corps Support is 'Written…

in Top Stories by Karen Robinson
September 16, 2014 1275

Former 1977 Graduates Speaks at…

in Top Stories by Karen Robinson

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 03social 04social 22social 21social 06