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Volume 3 Issue 1January 2012

SEVEN EASY STEPS TO AN EARLY TAX REFUND 

 

If you want to get your 2011 taxes in early and get your refund quickly, here are Schnepper's Seven Strategies to getting those dollars in your pockets ASAP. Here's what you have to do:

1. Get started

The first step is the hardest. Stop thinking about it and get moving. Until you actually start your return, you'll never finish it. And that's probably going to slow down your refund.If you don't have all your numbers, just put your name and address on the form. It will get you in the mindset to move forward.

Your first step is to break the inertia. As my father used to say, a trip of a thousand miles begins with a traffic jam. Break that jam and get moving.

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CAB CLIENT SPOTLIGHT
  
Marie Martin Beauty Shop 

Congratulations to new business owner, Marie Martin of Broken Bow, OK. Marie recently opened her own hair salon, Marie's Family Cuts, located 4 miles east of Broken Bow on Oak Grove Road. Choctaw Career Development assisted Marie in earning her Cosmetology License. Marie also took advantage of the Choctaw Asset Building (CAB) program to help her open her own salon. Marie joined CAB in September 2010. Marie attended a personal financial education workshop that taught her the importance of saving and of setting financial goals and within 15 months had reached her goal of saving $2000. CAB matched her savings with an additional $4000 giving her $6000 to help purchase inventory, materials, equipment, and furniture for her salon. Marie also worked with the Native American Business Resource Center (NABRC) to develop a Business Plan for her salon. Marie's Family Cuts not only offers hair care for the entire family at competitive prices, but also waxes, manicures, and pedicures. Call Marie at 580-584-2449 to set up an appointment. For more information about how CAB can help you with your financial goals, contact Dawn Hix or Janie Joplin at 800-522-6170 or go to www.choctawcab.com.

 


 

TEN DUMB THINGS TO DO WITH YOUR TAX REFUND

According to the Internal Revenue Service, the average American's refund for tax year 2010 was about $3,000, a slight increase over the previous year. But whatever you're expecting, there are smart things you can do with it, as well as things that aren't so smart. Here are some dumb things, along with some advice on how to check on the progress of your refund if you've yet to receive it:

 

1. Spending it rather than investing it. 

Getting a lump sum of cash is a great time to consider investing, especially in a tax-advantaged vehicle like an IRA or other account that will allow your earnings to grow tax-deferred. Saving might not be as much fun as shopping, but think about this: If you invest a $3,000 refund every year and earn 10% annually on it, in 20 years you'll end up with an extra $189,000. That means retiring three years earlier if you can live on $63,000 a year. Doesn't that sound like fun?

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Choctaw Income Tax Poster 
 
CAB Coach Questions

 

MERRY CHRISTMAS FROM CAB

 HAPPY NEW YEAR ! 

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In This Issue
7 Easy Steps To An Early Tax Refund
CAB Client Spotlight
10 Dumb Things To Do With Your Tax Refund
10 Don't-Even-Bother-To-Try-It Deductions
10 Big Deducations Too Many Of Us Miss
Quick Links 

 

 

 

 

CAB FINANCIAL EDUCATION WORKSHOPS

 

 
LIttle Dixie CCA Homebuyer Education Workshops

 

01/28 Durant
Call 580-326-5165 or 580-920-2479 to Register

 

02/11 Hugo
Call 580-326-5165 To Register

 

02/25 Idabel
Call 580-286-9348 To Register

 

03/03 Durant
Call 580-326-5165 or 580-920-2479 To Register

 

04/21 Idabel
Call 580-286-9348 To Register

 

04/28 Antlers
Call 580-298-2921 To Register
 
Reservations need to be made early in order to determine if there is enough interest generated to host a class. 
TEN DON'T-EVEN-BOTHER-TO-TRY-IT DEDUCTIONS

  

People will tell you lots of things are deductible, and you may be able to write off some. But these 10 ideas are more likely to cause you trouble than save you money.

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TEN BIG DEDUCTIONS TOO MANY OF US MISS

 

A lot of taxpayers don't know they can save thousands of dollars with these tax breaks. Did you forget about any of these deductions and credits?

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