Francetic Tax Resolutions LLC - October 2020

HOW TO BUDGET FOR AND MAXIMIZE YOUR SAVINGS

While saving money is difficult for some and easy for others, we can all agree that doing what we can to put a little money aside can help us in the long term. Here are two ways you can get the most out of your savings. OPEN A HIGH-YIELD SAVINGS ACCOUNT. There are multiple ways to open a savings account, but which is the best? If you want the highest interest rates and low (or no) fees, a high-yield savings account is your best choice. The main difference between this kind of account and a traditional savings account is the annual interest rate. While some brick-and-mortar banks do offer high-yield accounts, many — and those with the highest interest rates — are offered through online-only banks.

Why is it worth moving your money into a high- yield account? They offer interest rates that are 20–25 times higher than traditional savings accounts. Whereas a savings account at a traditional bank may offer a 0.01% interest rate, a high-yield savings account offers rates between 1%–2.2%. So, if you put $10,000 in a traditional savings account with a 0.01% interest rate, then you’d earn $1 at the end of one year. But if you put the same amount into a high-yield savings account with a compounding interest rate of 1%, you would earn around $135 in one year. PAY YOURSELF FIRST. Even if you have a great savings account with a high interest rate, it won’t do much good if it’s empty or not being added to regularly. Many people don’t think about

their savings until after the bills have been paid each month. However, it’s actually better to save first! Contributing to your savings before you pay your bills or make other purchases will ensure you prioritize saving and maximize your great interest rate. As a bonus, when you put money into your savings first, then pay your bills, you’ll minimize the temptation to spend on unnecessary extras. To figure out how much to save each month, start by making a simple budget. Add up your monthly expenses, then see how much is left and how much of that you can put away. Make saving a priority by building this habit into your monthly routine, and you will rest easy knowing that you have a little extra tucked away for a rainy day.

ARE YOU AFRAID OF THE IRS?

A Tax Resolution Specialist Can Help

Halloween is just around the corner. During that night, all sorts of ghosts, ghouls, and goblins will come out of the woodwork to spread some good- natured fear. Halloween is definitely the scariest holiday, but unless you seek out terrifying movies or haunted houses, there’s not actually much to be afraid of. That’s the way I look at the IRS, too. On the surface, the IRS can be pretty terrifying for the average person. A lot of business owners look at an audit as their worst nightmare, and a letter with the agency’s dreaded acronym can make your blood run cold. However, the IRS is only as scary as you allow it to be. Here’s what I mean: If you try to face the IRS alone, it can be a terrifying beast. After all, it’s a collection agency with the power to empty your bank account, garnish your paycheck, and generally make your life miserable. Going up against the IRS without extensive tax knowledge and experience is basically like going to the freakiest haunted house you can find. Don’t be surprised if it delivers and you come out worse for wear.

On the flipside, you can choose a different path. Instead of facing the IRS by yourself, you can hire a tax resolution specialist like me to help you out. I’ll take on the monster for you and use all of the strategies in my arsenal to make sure you get the best possible outcome from the battle. This is like Halloween the easy way: Instead of wetting your pants in fright, you can sit back and eat candy while you watch the cute costumed kids waddle by. The holiday is the same either way,

just like the IRS is the same. But when it comes to your experience, the approach you take makes all the difference. If you, your friend, or your family member has an IRS problem that’s too terrifying to face, I can help. I’m ready to go up against all the agency vampires, werewolves, and goblins. It only takes a phone call or email to point me in the right direction.

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