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Bria Harris began her journey with Impress Tax Service in 2018, starting as a one-woman operation while balancing a full-time job. A small-town girl with big dreams, Bria was determined to build a business that not only provided expert tax services but also empowered individuals and small businesses to take control of their financial futures.

With a passion for excellence and a commitment to client success, Bria worked tirelessly to grow Impress Tax Service into a trusted name in the industry. Her dedication to learning and staying ahead of ever-changing tax laws has earned her a reputation as a knowledgeable and reliable tax professional.

Today, Impress Tax Service stands as a testament to Bria’s hard work, resilience, and vision. She continues to expand her expertise and services, helping clients maximize their returns and achieve financial confidence.

Bria Harris, founder of Impress Tax Service, offers the following three tips to help clients utilize their tax refunds to become debt-free:

  1. Pay Off High-Interest Debt: Use your tax refund to reduce or eliminate high-interest debts, such as credit card balances. Paying down these debts can save you money on interest and improve your financial health. 
  2. Build an Emergency Fund: Allocate a portion of your refund to establish or enhance an emergency savings fund. Having funds set aside for unexpected expenses can prevent you from incurring additional debt in the future.
  3. Contribute to Retirement Accounts: Investing your refund into retirement accounts like a Roth IRA or 401(k) can provide long-term financial benefits and help secure your future, reducing the likelihood of financial shortfalls that could lead to debt. 

By implementing these strategies, you can make significant progress toward achieving a debt-free lifestyle.

Utilizing professional tax services offers several key benefits:

  1. Expertise and Accuracy: Tax professionals stay current with the latest tax laws and regulations, ensuring your tax returns are accurate and compliant. This expertise minimizes errors and reduces the risk of audits.
  2. Time and Stress Savings: Preparing taxes can be time-consuming and complex. By entrusting this task to professionals, you free up valuable time and alleviate the stress associated with navigating tax forms and calculations.
  3. Maximized Deductions and Credits: Experienced tax preparers can identify deductions and credits you may not be aware of, potentially increasing your refund or reducing your tax liability.

By leveraging professional tax services, you can ensure a more efficient, accurate, and beneficial tax filing experience.

Tax write-offs, also known as tax deductions, are expenses that taxpayers can subtract from their gross income to reduce their taxable income. By lowering the amount of income subject to taxation, write-offs can decrease the overall tax liability.

Purpose of Tax Write-Offs:

The primary purpose of tax write-offs is to account for certain expenses incurred to generate income. This ensures that taxpayers are taxed on their net income rather than their gross income, providing a more accurate reflection of their financial situation.

Benefits of Tax Write-Offs:

  1. Reduced Taxable Income:By deducting eligible expenses, taxpayers can lower their taxable income, which may place them in a lower tax bracket and reduce the amount of taxes owed.
  2. Encouragement of Specific Activities: Tax write-offs can incentivize behaviors that policymakers deem beneficial, such as investing in energy-efficient home improvements or contributing to retirement savings. For instance, the Residential Energy Credits offer a 30% credit for certain energy-efficient installations through 2032.
  3. Support for Business Operations: For businesses, write-offs allow the deduction of ordinary and necessary expenses required for operations, such as advertising costs or home office expenses. This can improve cash flow and profitability.

It’s essential to differentiate between tax deductions and tax credits. While deductions reduce taxable income, credits directly reduce the amount of tax owed, often making them more advantageous.

By effectively utilizing tax write-offs, individuals and businesses can manage their tax obligations more efficiently, leading to potential savings and financial benefits.

In addition to 401(k) plans, there are several other retirement savings options to consider:

Individual Retirement Accounts (IRAs):

    1. Traditional IRA: Contributions may be tax-deductible, and earnings grow tax-deferred until withdrawal.
    2. Roth IRA: Contributions are made with after-tax dollars, but qualified withdrawals are tax-free.
    3. Simplified Employee Pension (SEP) IRA:
    4. Designed for self-employed individuals and small business owners, allowing them to make tax-deductible contributions for themselves and their employees.
    5. Savings Incentive Match Plan for Employees (SIMPLE) IRA:
    6. Ideal for small businesses, this plan allows both employer and employee contributions, with simpler administration than traditional 401(k) plans.
    7. 403(b) Plans:
    8. Retirement plans for employees of public schools and certain tax-exempt organizations, similar to 401(k) plans but with some differences in terms and conditions.
    9. 457 Plans:
    10. Deferred compensation plans available to state and local government employees, and certain non-profit organizations, allowing pre-tax contributions with tax-deferred growth.
    11. Health Savings Accounts (HSAs):
    12. While primarily for medical expenses, HSAs offer tax advantages and can serve as a supplemental retirement savings vehicle, especially after age 65.

    Each of these plans has unique features, benefits, and eligibility requirements. It’s advisable to consult with a financial advisor to determine which options align best with your retirement goals and financial situation.

    When considering a high-yield savings account (HYSA), it’s essential to ask your bank the following questions:

    1. What is the Annual Percentage Yield (APY)?
    2. Inquire about the current APY and whether it’s introductory or subject to change.
    3. Are there minimum balance requirements?
    4. Determine if there’s a minimum balance to open the account or to earn the advertised APY.
    5. What fees are associated with the account?
    6. Ask about monthly maintenance fees, withdrawal limits, and any penalties for falling below a minimum balance.
    7. Is the account FDIC-insured?
    8. Ensure your deposits are protected up to the legal limit.
    9. How can I access my funds?
    10. Understand the methods available for deposits and withdrawals, such as online transfers, ATM access, or branch visits.

    Benefits of High-Yield Savings Accounts:

    • Higher Interest Rates:HYSAs typically offer better returns than standard savings accounts, helping your savings grow faster.
    • Liquidity: They provide easy access to your funds, making them suitable for emergency savings or short-term goals.
    • Safety: When held at FDIC-insured banks, your money is protected up to $250,000 per depositor.

    Recommended High-Yield Savings Accounts:

    As of February 2025, here are some competitive options:

    • Varo High-Yield Savings Account: Offers up to 5.00% APY on balances up to $5,000, with no minimum deposit and no monthly fees. 
    • PNC High Yield Savings®:Provides a 3.95% APY with no minimum balance requirements or monthly fees. 
    • CIT Bank Platinum Savings: Features a 4.30% APY on balances of $5,000 or more; balances below this threshold earn 0.25% APY. 

    Please note that interest rates are subject to change based on market conditions. It’s advisable to compare current rates and terms to find the best fit for your financial needs.

    Repairing your credit takes time and consistency, but by following these steps, you can improve your credit score and overall financial health:

    1. Check Your Credit Reports

    • Obtain free copies of your credit reports from AnnualCreditReport.com.
    • Review reports from Experian, Equifax, and TransUnion for errors or inaccuracies.
    • Dispute any incorrect or outdated information.

    2. Pay Bills on Time

    • Payment history makes up 35% of your credit score.
    • Set up automatic payments or reminders to avoid late payments.
    • If you’ve missed a payment, bring your account current as soon as possible.

    3. Reduce Your Credit Utilization

    • Keep your credit card balances below 30% of your total credit limit.
    • Pay down high-interest credit cards first.
    • Request a credit limit increase (if possible) without increasing your spending.

    4. Avoid Opening Too Many New Accounts

    • Each new credit application results in a hard inquiry, which can temporarily lower your score.
    • Open new credit lines only when necessary.

    5. Keep Old Accounts Open

    • The length of your credit history affects your score.
    • Even if you don’t use an old credit card, keeping it open can help maintain a long credit history.

    6. Negotiate With Creditors

    • If you have past-due debts, contact creditors to set up a payment plan.
    • You can ask for a “pay-for-delete” agreement, where a creditor removes a negative mark in exchange for full or partial payment.

    7. Consider a Secured Credit Card or Credit-Builder Loan

    • If you have little or poor credit history, a secured credit card (where you make a deposit) can help rebuild credit.
    • Credit-builder loans work similarly by reporting on-time payments to credit bureaus.

    8. Use Credit Responsibly

    • Avoid maxing out credit cards.
    • Make more than the minimum paymentwhenever possible.
    • Maintain a mix of credit types (credit cards, auto loans, mortgages) to show responsible usage.

    9. Monitor Your Credit Regularly

    • Use free services like Credit Karma, Experian, or your bank’s credit monitoring tool.
    • Watch for identity theft or unauthorized accounts.

    10. Seek Professional Help if Needed

    • Consider working with a credit counseling agencyfor guidance.
    • Be cautious of credit repair scams that promises unrealistic results.

    By following these steps consistently, you can gradually rebuild your credit and improve your financial standing.

    For more information:

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