Put your tax refund to work Financial Focus
It’s Tax Refund Season again.
Tis year, if you’re going to get a check from your Uncle Sam, why not put it to work to help you meet your financial goals? Last year, the average tax refund
was more than $2,700, according to the IRS. Te size of your refund, or whether you will get one at all, depends on your individual cir- cumstances. But if you are going to get a refund, plan ahead for what you’ll do with it. Here are a few possibilities: • Pay down some debts. In these
difficult economic times, you may be carrying a higher debt load than usual. If so, you may want to use some of your refund to pay down some of these debts. Te lower your debt payments, the better your cash flow and the more money you’ll have to invest for the future. • Build an emergency fund. If you
don’t already have an emergency fund containing six to 12 months’ worth of living expenses, you could use your tax refund to start one. Without such a fund, you may
find yourself constantly dipping into your long-term investments to pay for unexpected costs, such as a new furnace or an expensive car repair. Keep your emergency fund in a liquid account — one that you don’t draw on for your day-to-day expenses. • Help fund your IRA. In 2010,
you can put in up to $5,000 to your IRA. Consequently, if you received a $2,700 refund, you’d have more than half of what you need to ful- ly fund your IRA for the year. (If you’re 50 or older, however, you can contribute up to $6,000 per year.) You might not think that your
$2,700 would make much of a difference in the long run. But by investing your refund and giving it many years of growth potential, you could end up with a sizable amount. Consider the following: • If you put $2,700 in your IRA,
and you earned, on average, seven percent a year for 30 years, you’d end up with about $20,000, even if you never invested another dime. • If you put $2,700 every year in
Deputies arrest cont... Continued from page 1
April 2005 in Buncombe County at the same time he was married to Stout. Attempts to reach Goins, who
the report lists as being disabled, were unsuccessful. A number list- ed for Stout was disconnected. Stout, 48, officially brought
forth her claim in July 2009. Ac- cording to the report filed with the sheriff’s office, Stout never received divorce papers prior to Goins’ mar- riage to Fisher. A bigamy charge carries a maxi-
mum prison sentence of up to 10 months, according to North Caro- lina state law.
that same IRA, again earning an average seven percent annual re- turn, you’d end up with more than $270,000 after thirty years. (Tese examples are hypotheti-
cal illustrations and do not repre- sent any currently available invest- ments.) You’d eventually have to pay
taxes on your earnings, typically when you make withdrawals at re- tirement. And if you qualified for a Roth IRA, you’d never have to pay taxes on your earnings, as long as you had your account for at least five years and didn’t start taking withdrawals until you were at least 59-1/2. • Contribute to a Section 529
plan. If you have children or grand- children, you may want to establish Section 529 plans to help them pay for college. You can contribute vir- tually any amount, and the earnings grow tax-free, provided the money is used for higher education expens- es. (Withdrawals used for expenses other than qualified education ex- penses may be subject to federal, state and penalty taxes. Contribu- tions are tax-deductible in certain states for residents who participate in their own state’s plan. Please note that a 529 college savings plan could impact a beneficiary’s ability to qualify for financial aid.) You may be tempted to spend
your tax refund on things you want today — but, with a little planning, you can use it for things you need tomorrow.
Tis article was written by Ed-
ward Jones for use by Bill Bough- ton, Weaverville’s local Edward Jones Financial Advisor.
C MBATZONE
www.weavervilletribune.com
1472 Patton Ave. • Asheville, NC (Across from Sky Lanes Bowling Center)
828-736-5511 TAX-FREE
With an Edward Jones Roth IRA, any earnings are tax-free, and distributions can be taken free of penalties or taxes.* You may even benefit from converting a traditional IRA to a Roth IRA.
* Distributions of earnings from a Roth IRA could be subject to taxes and a 10% penalty if the account is less than five years old and the owner is under age 59 1/2.
At Edward Jones, we spend time getting to know your goals so we can help you reach them. To learn more about why an Edward Jones Roth IRA can make sense for you, call or visit your local financial advisor today.
Bill Boughton Financial Advisor
.
61 Weaver Boulevard Weaverville, NC 28787 828-645-0341
www.edwardjones.com Member SIPC
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