No Tax Refund Yet? Consider a Loan on the Title of Your Car
If you can’t wait for IRS to send you your refund check, consider a loan on the title of your car. Getting the most of your hard-earned money back from your tax return is on everybody’s mind during tax season. But how do you lower your taxes? Here are 3 things most people don’t consider to lower their tax liability or to get a bigger refund check.
Here are the 3 tips:
Contribute to an IRA
An IRA is a tax-deferred contribution for retirement. What most people don’t know is that the window of opportunity to make a contribution to this account closes April 15. If you open and contribute to an IRA before that tax due date, you can claim a deduction as a part of your tax return. In your tax return, you claim this contribution as an income adjustment.
Contribute to a Health Savings Account
Anyone can open and contribute to an HSA (Health Savings Account). This account allows for pre-tax contributions. As with a contribution to an IRA, the deadline for applying and qualifying for a tax deduction is April 15th. There are different amounts of contributions for this plan depending on whether you are paying for yourself or as a family, and also depending on your age.
Contribute to an Employer-based Retirement Plan:
This includes plans such as a 401(k). You can make a contribution by April 15th as long as the account was active in the previous year. If you are self-employed you can double your contribution by contributing as an employer and as an employee.
Please check with your tax professional for all options.
If you cannot wait for the refund check because you need cash now, here is something you can do… apply for a loan on the title of your car:
- Car title loans are fast. You can usually get approved the same day you apply
- There are no pre-payment penalties
- You can get as little as $2,510 on your car valued at $4000
- It’s confidential. We value privacy as much as you do
Visit our office in Palm Desert or call us at 760-574-2556 for more information or to apply.