Reflections

Tips for Taxes

Are you getting a tax refund this year? If so, a good plan for your hard earned money is something to be taken seriously. After all, the government isn’t sending you a bonus—this is your money.

After you assess your personal financial situation and needs, you may wish to consider some of the following options, (courtesy of www.moneycrashers.com).

  1. Create/Increase an Emergency Fund – Financial experts recommend saving six to eight months’ worth of living expenses in an easily accessible account, such as a bank account or money market. By starting now with small contributions, over time you’ll reach your goal.
  2. Pay Off High Interest Debt – This could be credit cards, car payments or student loans.
  3. Spend It on Something You Need – Do you need a car repair? Seasonal clothing? Perhaps you need to make a purchase of something to protect your family, such as life insurance or your family memorial. Forest Lawn can help you plan and finance your cemetery property and memorial plans. Give us a call at 1-800-Forest to discuss your options.
  4. Invest for Retirement or Future Purchases – There are many options available ranging from IRAs, college savings accounts, bond funds, etc. Consult your tax advisors for the best option for you.
  5. Donate to Charitable Causes – A tax refund gives you the chance to give back to your community. It’s a great use of your money, provides a huge benefit to society and will help you with a deduction on next year’s taxes.

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