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10 Ways To Make Your Taxes Work For You!
Tax season is here and many of us are coming into a bit of extra money. While many use this money as “Fun” money you have the chance to make your taxes work for you.
- Pay down debt. One great way to use tax returns is to pay down outstanding debt lowering your costs through the year and giving your credit a boost. Do not close down accounts as the age of accounts on your credit affect your score.
- Make a big purchase. Need a new car? Pay cash and save yourself money through the year making your budget a little looser and your life a little easier. By paying cash you can get a lower insurance plan and you do not pay interest on a loan. This is a big deal when it comes to opening up a few extra dollars each month.
- Pay bills for the year. Imagine a year without a power, water, or maybe a cable bill? How about a year without a phone bill? For bills that are not fixed calculate the average and multiply by 12. Next tax season you may have a bill, you may have a credit but for most of the next year you will not have to worry about that bill.
- Pay your rent or mortgage. If you are getting a larger return you may be able to pay off a year’s worth of rent at once. If not you may still be able to pay half the year and only pay half a month’s rent each month to keep experiences low. For a mortgage you can create an account just for the mortgage and set it to auto draft for the year.
- Invest in the stock market. If you buy a couple shares of stock each year with taxes or a Certificate of deposit you will help your future by growing that investment over the years to come.
- Invest in your education. Tax time is a great time to invest in yourself and spend a bit of cash furthering your education for a better future.
- Start/grow a business. Taxes is an amazing time to invest in your own business for future financial freedom. A small investment can have big turn around when you add in plenty of hard work and determination
- Invest in home improvements. Buying the items needed to improve your home and upgrade things that have very little life to them will raise the value of your home and lower your costs through the year on home repairs.
- Buy gift cards. If you really want to use your taxes for “Fun money” Why not use it to buy gift cards for the year? This is great for couples. You can buy gift cards to favorite restaurants, the movies, and fun activities you love. This is a great option for couples to ensure they get some time out together all year long. You can use this as a chance to take advantage of online gift card resale websites that ship you gift cards someone else sold to them with money still on them so you can save while enjoying those date nights.
- Stock up for the year. Go find a sale on everyday toiletries, cleaning supplies or pantry foods and do a large stock up to save you from trips to the store all year. Just think of the gas you will save and extra money in your pocket each month.