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Theresa Howard: Make the most of your tax refund

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By Theresa Howard

This year develop a plan to make the most of your tax refund. The average person receives nearly $3,000 as a tax refund. This year, develop a plan to make the most of your tax refund. There are many ways to use your tax refund to build a better financial future.

Consider the following:

1. Pay past-due expenses

2. Reduce credit card debt

3. Create an emergency fund

4. Save for a major appliance purchase

5. Save for a child’s education

6. Boost your retirement accounts

7. Pay down your home mortgage

One of the first things you can do to make the most of your tax refund is to ask for the refund to be placed by direct deposit into your bank account. You can receive your tax refund by direct deposit when you file electronically, by telephone, or paper. Direct deposit is easy, secure, convenient, and fast. Choosing direct deposit means there will be no lost, stolen, or undeliverable paper checks.

In previous years more than 100,000 people have had their checks returned as undeliverable due to an incorrect address. Enjoy knowing your tax refund will be deposited into your account without any extra hassle. You’ll get your refund in half the time that paper filers do.

If you do receive a large tax refund, consider changing your current withholding or the amount deducted from your paycheck. Your employer will be able to help you file a new W-4 form. Putting the extra money to work throughout the year could help you accomplish your financial goals faster.

For more money saving tips, check out Facebook for our office page under LaRue County Cooperative Extension Service or U.K.’s Moneywi$e page.