February, the shortest month of the year is upon us and soon we will have warmer daily temperatures and sunshine aplenty.
It’s also the time of year for filing your taxes. While CASE Credit Union cannot offer tax advice, a few tips for you to consider are included in this article. Check with your tax preparer, they will be able to inform you of options that will work for you.
If you owe money to the IRS, make sure you really owe the money. If you can’t pay the tax by the due date, we can help! Fortunately, CASE Credit Union offers a Tax Time loan which offers a lower rate than other unsecured loans. You can borrow as little as $1000 or as much as $5000 and pay the loan off within 18 months. Call or stop by for more details or to put in an application or visit our website at www.casecu.org.
CASE also offers an Individual Retirement Arrangement (IRA) which is a type of account that provides tax advantages for retirement savings in the United States. We offer Traditional IRA, Roth IRA and the Roth Conversion IRA. All options are insured by the National Credit Union Administration (NCUA) up to $250,000. To see which IRA choice would work best for you, see your tax preparer.
For those who receive refunds, take a look at your withholdings; did your life change such as a marriage, a divorce or a birth? If so, make a change to your withholdings so you can receive more money in your paycheck instead of giving it to the government interest free. This a great way to add more to your monthly income without changing your lifestyle. For more information you can visit www.irs.gov/individuals/irs-withholding-calculator
It’s also the time to plan on how you can pay for high-ticket items such as vacations, graduation parties, home improvements etc. Evaluate the costs associated and start saving now. Split the total cost of your plan by the number of paychecks you will receive between now and then. That amount equates to how much you will need to set aside from each paycheck to allow you to pay for it without securing a loan or using a credit card.
CASE Credit Union has developed a new account called Load N Go, a reloadable savings account and debit card. Unlike your standard debit cards, your Load N Go will only use funds from your Load N Go savings account. Used anywhere VISA is accepted, you can shop online, buy in stores, and withdraw money from an ATM or Service Center. Perfect for upcoming vacations where you want to keep your spending within reason.
Additionally once your funds have been depleted from the Load N Go savings account, any purchase or withdrawal attempt will be declined, without a fee being assessed for overdraft. This account caters to members who may not want a checking account, but need the ability to pay with a debit card. This is also a great tool to help build a financial foundation, whether for students or someone who is setting up a budget.