While paying taxes can cause quite a headache, being part of the 80% of Americans that receive a tax refund proves that it can have its benefits.
According to GOBankingRates, the average income tax refund in 2016 was around $2,860.
Considering that nearly 7 out of 10 Americans have less than $1,000 in savings, a bit of “extra” cash can serve to make a huge difference.
So, how are you planning to use your tax refund?
Here are 12 smart things TurboTax suggests you can do with this year’s tax refund.
- Create an Emergency Fund
- Send it to Savings
- Pay off Debt
- Fund Your Retirement
- Look to the Future
- Seed the College Fund
- Invest in the Stock Market
- Kickstart Your Career
- Prepay Your Mortgage
- Start a Business
- Make Home Improvements
- Buy Life Insurance
If you would like to read more, check out TurboTax’s article here.
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