Texarkana, Texas
1945 Moores Ln
Texarkana, TX 75503
(903) 792-6651

3 Great Ways to Invest Your Tax Refund March 16, 2018

Texarkana, Bowie
3 Great Ways to Invest Your Tax Refund, Texarkana, Texas

So your tax preparation is done, and you’re expecting a handsome refund. Congratulations! Now all you need to do is figure out how you’re going to spend it. Many people like to splurge on new electronics or a family trip, but that influx of cash can go a long way toward building your long-term financial security. Below are a few ways to make your tax refund work for you.

3 Smart Ways to Use Your Tax Refund

1. Pay Off Credit Card Debts

Paying down debts is actually one of the best investments you can make, especially if you have credit cards with interest in the 20% range. Making the minimum payment every month can cost you thousands of dollars in interest over the long term, so paying them off now provides a fairly substantial return on your investment.

2. Save It for Emergencies

tax preparationIf your car breaks down or the dog needs to go to the vet, do you have enough to cover it? In fact, the vast majority of Americans don’t have the resources to handle a $1,000 emergency. Tax preparation experts say putting your refund away can provide valuable peace of mind.

3. Open an IRA

Both traditional and Roth IRAs can provide significant tax benefits while allowing you to build up supplemental savings for retirement. With a Roth IRA, your money will grow tax-deferred, while a traditional IRA lets you withdraw your future earnings tax-free. Your tax preparation professional or financial advisor can help you decide which approach is best.


 

If you haven’t taken care of your tax preparation yet, the CPAs at Erie & Associates, P.C. have the expertise to ensure you get every deduction you’re entitled to. They’ve been serving individuals and businesses throughout Texarkana for over 30 years, building a reputation for accuracy and friendly service. To learn more about their services and make an appointment, visit their website or call (903) 792-6651.

Other Announcements, Events and Deals from Erie & Associates, P.C.
3 Tax Preparation Tips for Single Parents, Texarkana, Texas
For single parents, tax season often conjures up mixed emotions. Although you may benefit from certain tax breaks and a sizable refund, taking advantage of these savings means follow...read more
Texarkana Accountant Explains How to Protect Yourself From Identity Theft, Texarkana, Texas
Every year, almost 17 million people fall victim to identity theft, a trend that shows no signs of slowing as data thieves become increasingly sophisticated. With your personal infor...read more
3 Tax Benefits Retirees Should Know About, Texarkana, Texas
Retirement presents a unique set of financial challenges to those who decide to stop working, but the tax code also provides advantages that can substantially reduce your tax burden....read more
Why New Entrepreneurs Need Accurate Financial Projections, Texarkana, Texas
Successfully starting a new business requires an understanding of your market, an innovative product, and a long-term vision for the health of your company. When preparing a marketin...read more
What Is a Tax Extension?, Texarkana, Texas
In a perfect world, you would get a small tax refund every year. No one wants to owe money at the end of the year, but those who get thousands back essentially gave the government an...read more