How Will You Spend Your Tax Refund?
How Will You Spend Your Tax Refund?
Taxes – everybody hates them. The government takes from your paycheck every week, and it can be frustrating to see how much they get right off the top. Some of that you’ll never see again, but your federal and state taxes might be refunded to you (or at least a portion of them) if you’ve had more than you should have taken out. If you’re one of the lucky ones who gets a refund after you file your taxes, you get to decide how to spend the money! Isn’t that great?
First Things First
Some people like getting a tax refund – it feels like a freebie when the government gives you a check. But people often forget that the money the government is sending you is your own money, which they’ve borrowed for the year, interest free. Many people prefer to have their money in their own bank account to spend as they want all year, not tied up with the government, making them interest. If you got a lot of money back, consider adjusting your withholdings for next year. You might want to set a bit aside in case you guessed too low and end up owing a bit of tax. Consult a tax advisor for more information on figuring out how much you should have withheld during this next year.
Got Bills?
In this tough economy, most of us have bills that we’re struggling to pay. Maybe they are credit cards that have gotten out of hand, or maybe they are just ordinary utility bills that we’ve gotten an extension to pay, waiting for our tax refund to show up to help us cover our obligations. For many of us, this is where our tax refund goes.
Want Toys?
If you don’t want – or need – to spend your tax refund on bills, or you – luckily – don’t even have any needing your attention, maybe you will spend your tax refund on something you’ve been wanting. Maybe you dream of a vacation, or a new piece of furniture for the living room. Perhaps your tax refund is smaller, and instead of going to Hawaii you’ll get to buy a new Hawaiian shirt. Or maybe you and your significant other can go to the movies.
Savings Time?
Some smart souls have their future in mind, and when they get a tax refund they tuck it immediately into some form of savings. Maybe it will be into their savings account at the bank, or maybe they’ll buy a savings bond or add it to their 401K account.
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