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IRS Refund: What Will You Do With Yours?
What will you do with your tax refund?
Are you waiting for a fat check from Uncle Sam? This is the time of year when a lot of us pick up tax refunds. Parents are especially prone to them, since we have so many tax deductible expenses. We get deductions (small ones) for having kids, paying for childcare, and a host of other things.
Getting a tax return is bad business. It means you’ve given the government an interest-free loan all year, and now they’re paying you back. Better to be socking that money away in your own savings earning interest all year long.
That’s hard to do as a parent though. Having kids makes your taxes more complicated, as I mentioned. You may not even know if you’re paying too much or too little.
Having kids also means life becomes even more full of expensive surprises. Whether it’s a broken ankle or a month with six birthday party invitations, kids always seem to pop up with astonishing new expenses right when you least expect them. Saving for a rainy day can be hard.
So when we get those refund checks, it feels like free money. What will you do with yours this year?
I’ll be using mine to fund 529 accounts for my kids’ college savings, like the well-behaved, boring adult I’ve become. Last year, I spent ours on tickets to Argentina. That was a little more exciting.
In the past, I’ve used tax refunds to buy things ranging from a new computer to the above-mentioned plane tickets. Now, it’s hard to see a pile of “free” money and not instantly think I could be spending that on my kids. Not on toys and vacations and stuff for right now, but on the stuff that really matters: their education.
Are you expecting a tax refund this year? Will it be play money, or a badly needed infusion to your savings?
Photo: AMagill
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[...] Continue Reading… Рубрика: Без рубрики [...]
Irs Refund : Where’s My Refund? | Strollerderby commented on Jan 19 11 at 12:52 pm[...] Continued [...]
Irs Refund: Where’s My Refund ? | Strollerderby commented on Jan 19 11 at 2:39 pmJEssica commented on Jan 19 11 at 2:04 pmMaybe instead of a 529 Plan you could invest in a DRIP (Dividend Reinvestment Program) fund. There are many to choose from and you could use the money any way you want.
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