How Will You Put Your Tax Refund To Use?

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How Will You Put Your Tax Refund To Use?
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• With April 15th very definitely behind us, most
  US citizens who didnt file for an extension,
  have filed their taxes successfully, either alone
  or with the help of a tax professional. Many
  folks will be disappointed to discover that they
  owe taxes, while others will be pleasantly
  surprised with a refund.
• Tax refunds can naturally vary in size, but some
  may be a significantly large sum of money
  research shows that the average refund last year
  was at just over 3,000, and this is no trifling
  amount. So, if youve had a refund or are
  expecting one, how will you use it?

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• Where do tax refund recipients spend their money?
• With more than half of all tax paying Americans
  who received a refund, planning to save all or
  most of it, will you be among them, or will you
  spend it? Among those who decided to spend their
  refund, its estimated that around 40 will spend
  it on paying off debts, with another 15 using it
  for home repairs, and 8.8 expecting to spend it
  on car repairs.
• Where should tax refund recipients spend their
  refund?
• How you use your tax refund should ultimately
  depend upon your own financial circumstances. If
  you have high-interest debt, then your priority
  should be to pay that off as quickly as you can.

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• This will give you the best return on investment
  and if your debt was accumulated on credit cards,
  then youll have the bonus of additional
  borrowing power and decrease your credit
  utilization ratio, which can have a significant
  impact upon your credit score.
• Saving your money by putting it into an emergency
  fund is a good idea, provided you dont have
  debts that need to be paid off. If you can save
  up enough to see you through the cost of living
  expenses for 6 months, then this will be a good
  goal. Going broke or being forced to use a credit
  card if you lose your job unexpectedly or face a
  dire medical emergency, is not a good situation
  to be in, so if you can help fund yourself in the
  face of either one of these unfortunate
  situations, so much the better.

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• If you have no debts to pay and a sturdy
  emergency fund already, then you could take a
  closer look at your retirement savings and
  whether that area could do with a boost from your
  tax refund.
• Whats important to remember about your tax
  refund
• A tax refund is no gift from the government,
  youre simply receiving a check from the money
  that you essentially loaned the government free
  of charge, and you should treat the money wisely
  and with respect. That isnt to say that you
  shouldnt blow your refund on something fun
  and/or frivolous, but you should only do so if
  you dont owe money and you have a fund capable
  of seeing you through some potentially tough
  times when youre unable to earn.

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• Its also important to remember that tax refunds
  are often achieved as a result of accurate tax
  filing and good organisation throughout the year
  a tax professional can help you to achieve the
  tax refund you deserve and keep you on the right
  side of the IRS.
• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax preparation service
  Coral Gables. If you are looking for tax
  preparation service in Miami , Heyer Associates
  would be a right option.