By Lynne Adkins
PHILADELPHIA (CBS) – The taxes have been filed, so you can breathe a sigh of relief. But now it’s time to put all that hard work to use.
Your tax return contains valuable information that you can use to get a handle on your finances.
Tim Hilbert, a CPA in Horsham, Montgomery County, says look at your contributions. Does your company offer a 401K plan and are you putting aside the most you’re allowed?
“Most employers have some sort of match and the match is free money,” Hilbert says, “so if you can maximize the amount you contribute to the 401k plan, the amount the employer adds is added savings to you.”
Next, redo your budget. Take a look at your income, the amount of taxes you paid and what you saved last year and figure out if you can make changes to put more money aside for a rainy day.