This Game Is the Best Way to Gamble with Your Tax Refund

BDCXXR American currency falling  American; Currency; Money; Economy; cash; Invest; Stocks; Wealth; Banking; American; dollar; U
Alamy
Blowing your tax refund on lottery tickets is about the worst way to spend your annual windfall. But that doesn't mean you can't have any fun with the money you overpaid to Uncle Sam. The financially sound and fun thing is to save at least some of your refund and enter the SaveYourRefund contest.

Doorways to Dreams, the sponsor of the SaveYourRefund campaign, is a nonprofit financial innovation lab in Boston that develops strategies to encourage people to save. By the end of the tax season, D2D will have given out $35,000 in rewards to savers.

The campaign is open to any tax filer who completes IRS Form 8888 and sends at least $50 of their refund into "a savings account, certificate of deposit, IRA, prepaid card, savings bond or Treasury Direct account." There will be one $25,000 grand prize and 100 $100 prizes.

%VIRTUAL-article-sponsoredlinks%The campaign (a partnership between D2D, Intuit, Capital One and the Ford Foundation) is designed to encourage Americans to set aside money for emergencies or for future financial needs. According to D2D, the majority of Americans don't have enough savings to handle a job loss, unexpected medical bills or another emergency.

So if you are drawn to playing games of chance with your tax refund, this is one gamble where you are guaranteed to come out ahead -- even if you don't win a prize.

Michele Lerner is a Motley Fool contributing writer.

Should I Include a Dependent's Income on My Tax Return?

It may be easier and less expensive to include dependents' income on your tax return rather than have them file their own return—in certain circumstances.

Read More

Brought to you by TurboTax.com

Great Ways to Get Charitable Tax Deductions

Generally, when you give money to a charity, you can use the amount of that donation as an itemized deduction on your tax return. However, not all charities qualify as tax-deductible organizations. While there are many types of charities, they must all meet certain criteria to be classified by the IRS as tax-deductible organizations. There are legitimate tax-deductible organizations in many popular categories, such as those listed below.

Read More

Brought to you by TurboTax.com

Tax Tips After January 1, 2019

TurboTax gives you ten tax saving tips for the new year. Find strategies to lower taxes, save money when preparing your tax return, and avoid tax penalties.

Read More

Brought to you by TurboTax.com

Should You and Your Spouse File Taxes Jointly or Separately?

Married couples have the option to file jointly or separately on their federal income tax returns. The IRS strongly encourages most couples to file joint tax returns by extending several tax breaks to those who file together. In the vast majority of cases, it's best for married couples to file jointly, but there may be a few instances when it's better to submit separate returns.

Read More

Brought to you by TurboTax.com
Read Full Story