Master Lock Tax Tips and Sweepstakes

It’s tax season here in our home and that means locating all the receipts from donations, medical expenses and so much more.

Master Lock reached out to Mom’s Lifesavers to introduce us to the Master Lock Vault – a digital safe deposit box that provides easy access from your smart phone or computer to your important tax documents – no more searching for loose papers around your home.

Master Lock is also sharing tax tips as well as details on a sweepstakes they are hosting, the Tax Relief Rewards Sweepstakes for a chance to win one of five, $1,000 prizes.

Now through April 16, any registered user of the Master Lock Vault is eligible to enter the Tax Relief Rewards Sweepstakes for a chance to win one of five, $1,000 prizes.

About Master Lock Vault

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.

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
• confidential data such as debit or PIN card numbers
• 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.

Master Lock Tax Relief Rewards Sweepstakes

An added bonus of utilizing the Master Lock Vault to organize the variety of forms and online passwords needed for your 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. One entry will be accepted per person now through April 16. See Master Lock’s website for complete contest details.

 Master Lock Locking File Box

What Life Changes Have You Experienced This Year?

Life is always changing and with it comes new experiences, adventures and ultimately a new set of considerations during tax time. Whether you were married this year, sent child off to college or had a baby, Master Lock is sharing tax tips for all stages of life.*

1. Recent College Graduates: Graduating from college is a great accomplishment, but many graduates face a mountain of debt owed on their student loans. Luckily, there are credits that could provide a tax break for young professionals this season:

Graduates who begin repaying their student loans may qualify for the Student Loan Interest Deduction, which would deduct up to $2,500 of qualified student loan interest. If you plan to continue your education, you may qualify for the Lifetime Learning Credit which can provide eligible students with a tax credit toward undergraduate, graduate or professional degree courses at an eligible educational institution.

2. Newlyweds: After exchanging rings and tossing the bouquet, newlyweds’ lives — and taxes — merge into one. Filing jointly with your spouse offers many advantages, and the IRS gives joint filers one of the largest deductions each year.

With a new marital status comes significant changes that could affect your taxes. It’s imperative for the names and Social Security numbers on your tax return to reflect your Social Security Administration (SSA) records. If you made changes to your name (Form SS-5) or address (Form 8822), you need to file the proper forms to notify the SSA and IRS. You should also notify your workplace to ensure your receive your W-2.

3. Parents: Raising a child to the age of 18 costs approximately $245,000 in today’s economy, according to the U.S. Department of Agriculture. Parents can ease their burden by taking advantage of the Child Tax Credit, which offers a tax credit up to $1,000 per qualifying child. Additionally, parents who paid for child care in order to work may qualify for the Child and Dependent Care Credit, which reduces federal income tax.
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.

Based on filing status, seniors may qualify for the Credit for the Elderly or Disabled (Forms 1040 or 1040A), and seniors who do not itemize their deductions receive a higher deduction amount. Seniors should also take advantage of free tax services, such as the Volunteer Income Tax Assistance program, which provides income tax preparation and electronic filing services, and Tax Counseling for the Elderly program, which focuses on pensions and retirement-related concerns.**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.

*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.

More on Master Lock

For more safety tips and products, visit the Master Lock website at www.masterlock.com or the Master Lock Facebook page.

Mom’s Lifesavers was provided with a Master Lock Keyed Locking File Box to facilitate this review. All opinions expressed are our own.