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How Did You Spend Your Tax Return?

  • By Lauri Paxton
  • 11 May, 2015
If you were among many Americans this year who received a tax refund, the receipt of your refund check may have been one of your highlights of spring. Now that tax season is over, we’re taking a breath, but have decided to list some of the top things people do with their refunds.
  • Call the travel agent and book a vacation.Try and limit not spending the entire refund on a vacation.
  • Pay down credit cards.Those pesky little cards seem to just creep up with their balances if you don’t keep a tight rein on them. Before you know it, a few hundred on this card, and several hundred on other cards will quickly amount to thousands. Determine the credit card with the highest interest and pay that one off first.
  • Establish an emergency fund of six months to pay your bills.With the uncertainty of a volatile job market and/or risk of injury or change in health status, you never know when you’ll need to tap into your emergency fund.
  • Work on paying extra on other loanssuch as a mortgage, auto loan, student loans or other dept. As with a credit card, pay down the loan with the highest interest first. As you pay off that loan, shift the amount of money you currently pay to another loan before absorbing that money into your spend portion of the monthly budget.
  • Save some for retirement.Preplanning today will allow for a better quality life in your retirement years.
Not everyone receives a tax refund. Some individuals we work with choose to not let the government use their money all year long, but plan to just about break even with their tax planning. Business owners who pay quarterly estimates help to minimize tax liability at tax season. Do you get the key phrase in this process? It’s in the planning.
So…if the planning for 2014 tax wasn’t to your liking – perhaps it may be time to look at the plan for 2015 before the end of the year. The first quarter is already over, but there is still time to adjust. Give our office a call at (724) 359-5022.
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