5 tax tips to save you money

Date: April 2, 2015

Tax day is almost here. Have you filed? Check out these handy tips to save you money and maximize your refund. It’s all part of our focus on financial stability, helping people save money and become self-sufficient.

Our 2-1-1 United Way Helpline helps low- to moderate-income central Marylanders maximize savings and build assets by connecting them with free tax preparation and e-filing. Here are some tax tips that can help you or someone you know save money.

  1. Avoid fees if you can. If your household made $60,000 or less last year, you may qualify for free tax e-filing. Visit myfreetaxes.com or dial the 2-1-1 United Way Helpline for eligibility questions.
  2. Don’t forget tax credits. You may qualify for the Earned Income Tax Credit, Child Tax Credit and other credits that can put thousands of dollars back in your pocket. See the full list.
  3. Get organized. Be sure to gather your important documents – W2s, 1099s, photo IDs, social security cards, last year’s tax return, proof of health insurance and more. Check out the full checklist.
  4. Watch out for scams. The IRS will contact you via mail – they’ll never call you and ask for personal information. Get more tips for avoiding scams.
  5. Use your refund wisely. If you get a refund, instead of hitting the mall, use it to pay overdue bills or high-interest credit cards. Make an extra mortgage or car payment. Better yet, save it – open a savings account or buy a savings bond. Get more ideas.

How do you know if you’re eligible for free tax preparation or e-filing? If you are a central Maryland resident and meet income requirements, you may be eligible to receive free tax prep services in partnership with United Way, the Baltimore CASH Campaign and My Free Taxes. Find out now if you’re eligible. If you are still unsure, please dial 2-1-1.

Now that you’re tax savvy, why not share with a friend?

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