Take $200

No matter what your financial situation is, you can take $200 of your tax refund and set it aside in a savings account. According to Dr. Rebecca Travnichek, Family Financial Education Specialist with University of Missouri Extension, this savings account can be used as the beginning of an emergency fund, it can be added to retirement or to start an IRA, it can be used to pay down debt, or for any savings that is needed. A goal of the University of Missouri Extension Taxpayer Initiative and Northwest Missouri Saves Program is to get individuals and families in the habit of having a savings plan.

Visit your financial institution and set up several savings accounts before you file your taxes. By using tax form 8888, you can have your refund deposited in up to 3 accounts. These accounts can be a way for you to save, manage your finances, and to meet your financial goals. For example, you can have a savings account for a family vacation, increasing retirement, for making home repairs, or paying your property taxes. By depositing monies into these accounts at tax time you could then set a goal to add to them a little each month.

Dr. Travnichek will be preparing 2010 income tax returns for FREE at multiple locations across Northwest Missouri; as well as in Unionville (Putnam County) in Northeast Missouri. As part of the Volunteer Income Tax Assistance (VITA) program, she has been trained and certified by the IRS to prepare tax returns in order to assist low- to middle-income individuals and families. To make an appointment to have your 2010 income tax return prepared for FREE by Dr. Travnichek, contact your local University of Missouri extension center for additional information or contact the Andrew County Extension Center at 816.324.3147.