America Saves week is just around the corner, making it a perfect time to talk about how to save. Money may be tight these days, but there are tips and tricks that can help you continue to contribute to your savings plan. Whether your putting away money for retirement, creating an emergency fund, or just trying to create a tighter day to day budget, these resources can help you work towards your savings goals.
Learn about the Savers’s Tax Credit: The Saver’s Tax Credit is a non-refundable tax credit for contributions to qualified retirement plans such as 401(k)s, IRAs and others. This credit is for low and middle income taxpayers and provides a credit between 10% and 50% of your retirement plan contribution each year, up to $2,000.00. Think you might qualify? Find out more by dowloading WISER’s new fact sheet “The Saver’s Tax Credit.”
Consider a $50 a month â€“ or more â€“ automatic deduction from your paycheck or checking account to invest in a mutual fund or to buy U.S. Savings Bonds: The sooner you start the better! Investing early pays off because the interest compounds for more years.
Find out if you qualify for an Earned Income Tax Credit (EITC): Locate the Volunteer Income Tax Assistance office near you for free in-person tax help by contacting the IRS at: 800-829-1040 or visiting www.irs.gov.