Posted on Thursday, April 11th, 2013 at 6:36 pm.
With the Internal Revenue Service distributing more than 59 million refund checks in 2012, amounting to $174.4 billion, Freedom Financial Network co-founder and financial expert Andrew Housser has given a number of ways on how the tax refund, which seems like “free money” but is actually money that one earned throughout the year, can be used wisely.
Housser said paying your debt with the tax refund is the most recommended course of action as doing so reduces the amount of interest you owe, and cuts a good chunk out of a supposedly bigger payment, thereby increasing your savings.
With the tax refund adding to your savings, you have an additional money set aside for you and your children’s future or in case an emergency arise. You could also jumpstart payment on an individual retirement account, Housser said.
The money can also be used to pay for your car’s maintenance and repairs or for health services that your health insurance doesn’t cover, he added.
Ensuring that your tax return is correct and gets you the most money back possible can be stressful. However, when you have the help of a tax specialist, you can rest assured that your taxes are in safe hands. Fill out the above form to get in touch with a certified specialist who can help you.