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Planning What To Do With Your Tax Refund

It is the time of the year for all of us to start filing our tax return form and also think about what to do if you are receiving a tax refund. This year deadline is April 17th, 2018. Filing your taxes on time will save you money in penalties, interest, and extra fees.

Statistics shows over ninety percent[1] of taxpayer’s returns are filed electronically through the Internal Revenue Service www.irs.gov “IRS E-File”. One of the advantages of e-filing is you can request your refund to be deposited directly into your savings or checking account. Starting on Feb. 27, 2018 you will receive your credit, if there are no other issues with the tax return.[2]

Are you receiving a tax refund?

If your answer is yes, have you planned how to use it? Here are some tips you can consider in order to plan for your money:

  • Using your refund to pay off a high interest rate balance on a credit card, you will be earning on the interest you save.
  • Start an emergency fund or rebuild the one you already have for times of need or unexpected expenses.
  • Boost your retirement fund by opening an IRA or adding to your retirement which will benefit you by investing for your future.
  • Save for a future financial goal such an education, buying a car, purchasing a home or college fund for your children by opening a savings account and creating a budget for important future purchases.
  • Give back to your community or charitable agencies. Your donation will be beneficial for your next tax season.
  • Lastly, don’t hesitate to splurge on your family or yourself with moderation. Plan a nice dinner, a short summer vacation, or simply get something you want.

Combine these tips with your personal financial goals to turn this into a great tax season. Start planning and saving today!

For more information about our programs visit http://sfyl.ifas.ufl.edu/osceola/

References:

[1] https://www.efile.com/efile-tax-return-direct-deposit-statistics/

[2] https://www.irs.gov/newsroom/2018-tax-filing-season-begins-jan-29-tax-returns-due-april-17-help-available-for-taxpayers

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