3 Smart Ways to Invest Your Tax Return
Tax season is upon us. And while we wait for our tax return to arrive in the mail or our checking accounts, there are quite a few things to keep in mind.
According to Credit.com, taxpayers should be aware that the latest data from the IRS shows that tax refund totals are, on average, down 17% from refunds received in 2018 due, in part, to an increased standard deduction as a result of The Tax Cuts and Jobs Act.
To give a more defined reason to use those funds wisely, Credit.com shared three ideas to make money work smarter and positively impact the overall financial health of taxpayers.
- Come up with a plan to pay off a debt: At first, it might not be the most exciting use of a refund, but those are the first steps towards financial freedom. Along with the plan, determine eligibility for a debt consolidation loan or lower interest rates based on the credit score, and create a strategy based on the total payoff number.
- A perfect opportunity to save: Emergencies could arise along the way, and a tax refund could the ideal chance to save.
- Invest in home projects and experiences: A home improvement project, education, and travel are some of the things that can feel guilt-free about spending money on because the investment will return in both enjoyment and resale value.
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