Post offices to stay open late to accommodate tax filers - DC News FOX 5 DC WTTG

Post offices to stay open late to accommodate tax filers

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ATLANTA -

It's time to pay Uncle Sam! The deadline to file your 2012 tax returns is Monday.

Several metro Atlanta post offices will accommodate last minute filers by staying open late. Atlanta's main post office on Crown Road will be open as usual from 6:00 a.m. until midnight.

If you are due a refund, one financial advisor says use the money where it will matter. Kristen Fricks-Roman, a senior vice president and financial advisor with Morgan Stanley says people get their refund and spend it on wants, not needs.

"Something for fun, something that is a depreciating asset. Something that a few months from now doesn't mean anything, and gets thrown in the trash and gets out of favor and out of touch with the next great thing," said Fricks-Roman.

She says before you spend your tax refund check on a new flat screen TV or expensive smartphone, ask yourself one question.

"Is it really going to matter 10 years from now what you do with it? And then make the choice to make it matter," Fricks-Roman said.

She says her first choice is to invest the money in a Roth IRA.

"In 10 years, if you make 7.2 percent it will double. And any money that comes out of that Roth IRA will come out tax free," said Fricks-Roman.

She also suggests making an extra payment on your mortgage, and you can get a nice bang for your buck by paying off your large interest credit card.

"People make minimum payments. It just stays for many, many years and builds and builds and builds. So take care of that credit card right away," Fricks-Roman said.

Fricks-Roman says a tax refund could be used to start a 529 Plan for a child or better yet, invest in yourself and take a class to further your career. Whatever you do, she says make it count.

"Don't put it in a depreciating asset. Put in something that 10 years from now, it will matter. And you can look back and say I'm so glad I did that. I don't think you're going to look back and say that about a new smartphone," said Fricks-Roman.
        
The post office says long lines are expected, so you might want to go early in the day. If you cannot file by the deadline, you will need to request an extension. There are electronic and paper options available to file an extension.

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