Tips for maximizing your Tax Return
What to do with your Tax Return
It’s that time again!!! Yes, Its tax time!
Most of you have filed your taxes already and some of you are in the process of doing so. But no matter what stage of filing you are in you know that feeling you get when you know some of your hard earned money is coming back to you is like none other.
The only experience that you can relate it to is: It’s like anticipating a baby. You know that you have been carrying it for 9 months but you haven’t seen it and are eager to have it in your hands so that you can enjoy it.
Quick Disclaimer… Please do not get mad at this light reference of babies to tax return money. Lol…
So this Tax season the like all you will be happy to have a return coming back to you and all you want to do is enjoy it. Tips for maximizing your Tax return are:
• Pay yourself first
The most important thing you can do is pay yourself first. Pay yourself with at the least 50% of what you are getting in your return. Use this money not for bills or shopping but instead invest it so that this money can work for you in a MUTUAL FUND, RETIREMENT or other account.
• Pay down some debt
After you have paid yourself use the remainder of the money to pay down outstanding debt. There is nothing like being able to make more than the minimum payment on your credit card account(s). This will allow you to pay them off fast and get the rid of the burden of the interest you are paying on your debt. Not to mention that paying more than the minimum will allow you to pay those credit cards off a lot sooner.
• Boost up your emergency fund
With the unexpected usually lurking around the corner it’s always good to have your emergency fund waiting to back you up. With the economic climate on fire every five seconds and many people living paycheck to paycheck an emergency fund is a necessity to catch you if you should fall.
• Invest in another stream of income
Finding a low cost business opportunity to invest in that will not cost you huge amounts of overhead is great. If you can invest a small amount of capital and use that to bring in steady additional income you will be a step ahead of the game.
For more TIPS and ways to find out how you can get rid of your debt quickly, make additional income and get Financial Information and contact a Financial Coach leave a comment and we will be happy to help you.
Happy Friday!!
See you next week
