{"id":105,"date":"2022-03-16T06:36:39","date_gmt":"2022-03-16T06:36:39","guid":{"rendered":"https:\/\/c1mdevsite.com\/braunability.com\/4-ways-to-make-the-most-out-of-your-tax-refund\/"},"modified":"2022-03-16T06:36:39","modified_gmt":"2022-03-16T06:36:39","slug":"4-ways-to-make-the-most-out-of-your-tax-refund","status":"publish","type":"post","link":"https:\/\/c1mdevsite.com\/mdctraining.ca\/4-ways-to-make-the-most-out-of-your-tax-refund\/","title":{"rendered":"4 Ways to Make the Most Out of Your Tax Refund"},"content":{"rendered":"
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The IRS has already issued 22 million refunds, at an average of $3,536. That\u2019s $700 more than last year when the average refund was just over $2,800. With the help of professional accounting and tax preparation services, you can maximize the amount of your return, and use the money to invest in your future.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>At Waters Hardy, our expert accounting services team can help ensure professional tax planning and compliance to maximize the return you\u2019re owed. Once you receive your tax return, it\u2019s up to you how you use it. Our professional advice is to carefully examine your financial situation to make the most of your tax refund.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>If used wisely, a lump sum of this amount could go a long way in helping to improve your financial health. While it may be tempting to spend your money right away, don\u2019t waste your money on something that will quickly fade away. Instead, consider using all, or a portion, of it to enhance your finances. Using your tax refund responsibly is an investment that can help you build a better financial future or fund opportunities that matter the most to you.\u00a0<\/span>\u00a0<\/span><\/p>\n

Here are some smart ways to invest in your financial future with your tax money. <\/span><\/b>\u00a0<\/span><\/h3>\n

1.)\u00a0 Pay Off Credit Cards and Debt<\/span><\/b>\u00a0<\/span><\/h3>\n

Covid-19 has triggered unprecedented financial challenges for many individuals and families.<\/span> The pandemic was regarded by 47% of individuals as a major contributor to increasing debt.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Whether it\u2019s credit cards, student loans, or medical bills, living with debt can be all-consuming. While your tax refund may not be large enough to wipe these balances clean, you can use it to\u202f<\/span>make a dent in your debt.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Credit cards tend to be the debt with the\u202f<\/span>highest interest rates<\/span><\/a>. The average\u202f<\/span>APR on variable-rate credit cards<\/span><\/a>\u202fis 16.28%. Using your tax refund to pay off high-interest debt could be the best use for the money. The\u202f<\/span>average balance on credit cards<\/span><\/a>\u202fwas $5,525, according to data from November 2021. As an example, if you paid only $100 a month toward the $5,525 balance it would take 94 months to pay off and cost an additional $3,990 in interest.<\/span>\u00a0<\/span><\/p>\n

Two Approaches to Pay Off Credit Card Debt<\/span><\/b>\u00a0<\/span><\/p>\n