Tax season is over, and now it’s time to wait if your paperwork qualifies for a refund. The IRS checks most of the files withing 21 days of e-filling or longer for paper tax returns.
Where’s my refund? is a website offered by the IRS website to check the status of your refund. This site is refreshed daily with notifications of the progress of your case in three stages: (1) Return Received, (2) Refund Approved and (3) Refund Sent.
It may be in the middle of May when you see on your bank account the refund done by one of the official government accounts. This extra income could be used for many expenses or funds you may have. Today we share some ideas of what to do with your refund:
Pay down debt:
Focus especially high-cost credits, like your main credit card, mortgage, or student loans.
Invest in your retirement plan:
Start saving today so you can relax when you decide is time to retire.
Invest in your business:
That extra money could be used to upgrade some equipment, maybe buy some articles for your business you where saving for. At the end, any investment on your project will help it grow.
Build an emergency fund:
Having some savings in case an extraordinary situation happens like medical appointments, unexpected repairs, insurance problems or any accident that could happen. This fund could be helpful!
Invest in yourself:
Invest on new education material like workshops and courses of your interest or buy for yourself some new clothes or things for your home you have kept an eye on for a while.
Save it for next year’s taxes:
Having a fund for next year may turn doing the paperwork and payments easier and less stressful.
What you do with your refund depends on your objectives and preferences, we hope this list gave you some ideas and use this extra funds wisely. If you have any question regarding taxes or the accounting of your company, we will be happy to help.