Master Lock Makes Filing Less Taxing With Sweepstakes and Tips for Maximizing Returns at Various Life Stages
Marketwired
MILWAUKEE, WI--(Marketwired - Mar 16, 2015) - Big life changes -- like heading off to college, getting married, or having a baby -- can be exciting, yet bring with them a new set of considerations come tax time. This tax season, Master Lock is offering advice for maximizing returns during key life stages with credit opportunities and organization tips, and is also providing financial relief to consumers via the Master Lock Tax Relief Reward Sweepstakes.
Now through April 16, any registered user of the Master Lock Vault is eligible to enter for a chance to win one of five $1,000 prizes. The Master Lock Vault is a free, digital safe deposit box that provides a safe and secure solution for storing copies of important tax documents for easy access from any smart phone or computer.
"Each new stage of life brings with it new considerations during tax time," said Rebecca Smith, vice president, marketing for Master Lock. "Whether it's your first year doing your own taxes, or first year with a dependent on your tax forms, we're here to help you feel more confident about the process and your results, and maybe even take home some extra cash."
No matter which life stage you are in this tax season, pay close attention to possible credits you may qualify for as you reach each new milestone**:
1. Students: Attending college can come with a high price tag, but luckily provides some tax breaks for students. Check your eligibility before filing to ensure you're taking advantage of relevant credits.
According to the CRA, eligible students will save more during tax seasons by claiming their tuition fees, education amount, textbook amount, interest paid on student loans, public transit and moving expenses. Students may also be eligible for the GST/HST credit, which is a quarterly tax-free payment to help individuals offset GST or HST payments.
2. Newlyweds: After exchanging rings and tossing the bouquet, newlyweds' lives -- and taxes -- combine into one. Making the appropriate changes and alerting the CRA is imperative to ensure your taxes are filed correctly.
If you made changes to your name, immediately notify the CRA via phone (1-800-959-8281) in order to update your records. You also need to file Form RC65 in order to change your marital status.
3. Parents: Welcoming a child into your family is a joyous occasion, and it opens the door to a new set of tax considerations. The CRA offers various credits and benefits for parents, and checking your eligibility could ease the stress of filing.
The Canada Child Tax Benefit provides families with a child under the age of 18 a tax-free monthly payment to help with the costs of raising a child.
For children under the age of 6, parents should immediately apply for the Universal Child Care Benefit, which would provide families with $160 per month for each eligible child.
The Family Tax Cut provides eligible couples with a tax credit of up to $2,000 who have children under 18 years of age.
4. Seniors (65+): As we age, it's even more important to correctly prepare tax returns in order to receive the proper deductions and credits. Storing personal expenses and documentation in a secure location, such as the Master Lock Vault, will keep seniors' personal information organized and eliminate the worry of lost or stolen paper documents that contain confidential information. If you want or need to store physical copies, keep them protected in a locking fire- and water-resistant Sentry Safe storage chest or safe.
If you are 65 years of age or older, you may be eligible to claim age amount. Seniors should also take advantage of volunteer tax clinics, such as the Community Volunteer Income Tax Program, to ensure they're filing correctly.
Master Lock "Tax Relief Rewards" Sweepstakes An added bonus of utilizing the Master Lock Vault to organize the tax filing process this year is the chance to win $1,000, which can be used to supplement your tax refund, or help ease the burden of additional taxes owed. To enter, new users can register for a Master Lock Vault account at www.MasterLockVault.com. Once the account has been activated, users will receive an email containing the sweepstakes entry form. Existing Master Lock Vault users who have opted in for brand communications will receive an email with the sweepstakes entry form once the sweepstakes kicks off March 16. One entry will be accepted per person through April 16, when the sweepstakes closes, and five winners will be drawn at random.
Master Lock Vault Benefits of the Master Lock Vault extend well beyond the tax season. Use the system year-round, via the website or by installing one of the free mobile apps for your Apple®, Android®, Kindle® or Nook® devices. Securely store and organize lock combinations, digital copies of your passport and social security card and other confidential data such as debit or PIN card numbers or online credit card account log-in information. Offering a high level of online security, the Master Lock Vault serves as a digital safe deposit box for quick and easy access to valuable information anytime, anywhere.
About Master Lock Master Lock is the world's largest manufacturer of padlocks and related security products providing innovative security solutions for home, automotive, campus, power sports, bike and storage security needs for consumers and industry alike. Master Lock Company LLC is an operating unit of Fortune Brands Home & Security, Inc., a leading consumer brands company. Headquartered in Deerfield, Ill., Fortune Brands Home & Security, Inc. (NYSE: FBHS) is included in the S&P MidCap 400 Index. For more information about Master Lock, visit www.masterlock.com.
About the Sweepstakes NO PURCHASE NECESSARY TO ENTER OR WIN. Entry into the Master Lock "Tax Relief Rewards" Sweepstakes is open to permanent lawful residents of the 50 United States, the District of Columbia ("D.C.") and Canada, excluding Quebec, who are 18 years or older at time of entry. Limit one (1) entry per person. Sweepstakes begins at 07:00:01 a.m. CDT on March 16, 2015 and ends on April 16, 2015 at 6:59:59 a.m. CDT. Entrants can access www.masterlockvault.com and follow the on-screen instructions to create a Master Lock Vault account, which will generate a confirmation message containing a link to the Sweepstakes entry form. Existing, opt-in subscribers will receive an email containing a link to the Sweepstakes entry form. For complete rules, go to http://www.masterlock.com/pdf/cms/ML-Tax-Relief-Rewards-SS-Rules-and-Regulations.pdf. Sponsor: Master Lock Company LLC, 137 W. Forest Hill Avenue, Oak Creek, WI 53154.
**Master Lock is not a legal, tax or accounting advisor, and the information in this press release should not be construed as legal, tax or accounting advice. Master Lock recommends that consumers consult a professional advisor for advice concerning specific tax or other matters.
