There are several ways to jump start your life using money from your income tax return. Here are just a few of them.
Fix your credit.
Tax season time! Want to improve your credit while doing your taxes? It can be done. Fix your credit using your tax refund. Start off 2020 on the right financial foot by getting your credit score here and let us see what we can do to improve your scores.
This is the year to not just receive a good refund, but qualify for the house you want, dream car, or apply for that Travel Credit Card you’ve always wanted.
Not by paying off debts with the money but using the money to strategically repair all items on your credit report and update your information and have derogatory items removed.
Existing Tax Clients who become new credit repair clients will receive $100 off their credit repair.
Click here to get started today.
Get your 3-bureau credit report at Identity IQ, so that you can monitor your reports.
Start your business.
You’ve been saying to yourself, year after year, if only you had the money to start your own business, and with all the new tax law changes since tax year 2018, it is becoming more important that you start now.
With your refund, you can get your articles of incorporation completed, pay the associated fees and register your business with your state, all of which his deductible from your income on your tax return.
You will have ample money to open a bank account and deposit half of the rest of your refund to start running your own business that has tremendous effect on your tax bracket and how much you pay in taxes every year.
Click here to get started today.
Pay your life insurance premiums.
Use your refund to pay your insurance premium every year vice paying monthly which will save you money and pay interest into your future.
Example:
Product: Whole Life Insurance
Valued Client Base Face Amount: $1,000,000
Female 24 Verified Standard Non-Tobacco Initial Premium: $476.96 Monthly (EFT)
Riders: ABR Initial Dividend Option: Internal Paid-Up Insurance
State: Maryland
Your yearly cost will be higher if you choose to pay premiums more frequently than annually. For example, the additional amount you will pay in the first year is as follows:
| Premium Frequency | Number of payments per year | Amount of each Contract Premium payment | Total Contract Premium per year | Amount you will pay each year in addition to the Annual Contract Premium |
| Annual | 1 | 5420 | 5420 | 0.00 |
| Semi-Annual | 2 | 2764.20 | 5528.40 | 108.40 |
| Quarterly | 4 | 1409.20 | 5636.80 | 218.80 |
| Monthly (EFT/Group Bill) | 12 | 476.96 | 5723.52 | 303.52 |
These amounts do not include any Excess Premium, Lump Sum amounts, or 1035 exchanges. Additional amounts will be due in future years if premiums are paid more frequently than annually and may vary from the above example.
Watch for more information on how to make the most of your tax return this year and really get ahead and stay ahead into the future.
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