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How to Make the Most of Your Tax Refund

Published by Dave Danic on 25 Jan 2017

Are you expecting an income tax refund? If you are, why not make the most out of your return? One way is to invest it or you could use it to increase your financial security. Everyone’s needs are different but here are some options to consider.

* Use your refund to pay down credit card balances – you’ll earn a guaranteed double-digit return.

* Make a contribution to your employer’s 401(k) plan. If your employer offers a matching contribution, that’s an immediate return on your money in addition to deferring taxes on your envelope_open_with_money_14362.pngcontribution. The funds in the plan grow free of tax until withdrawal.

* Take advantage of your IRA options for retirement savings. Both Traditional and Roth IRAs are great ways to save for retirement.

* Invest your refund in your child’s education. Both Section 529 college savings plans and education savings accounts offer tax-advantaged ways to save for college costs.

* If your retirement, education savings are maximized, and your credit cards are under control, put your refund in diversified investments that make sense for your age and financial situation.

* Do you get a large refund every year? Instead of giving the government an interest-free loan why not invest your money throughout the year. If you decide you want to go this route, you will need to update Form W-4 with your employer.

If you need more tips on how to get the most out of your tax refund, contact our office at 866-497-9761 to schedule an appointment with our advisors.

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