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  • Writer's pictureAtul Prashar

5 Ways to Utilize Your Tax Refund

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The IRS is always open for business and Tax season is on. Here are 5 five simple tips to make this tax filing season a bit less painful and hopefully a lot more profitable.

1. Credit card debt is NOT your friend

We all love our plastic, but if you're not paying your balance in full every month, you're doing your wallet a huge disservice. With interest rates averaging 15-20%, your interest payment is money down the drain so plug up that hole asap and start paying it all off.

2. Pay off those pesky loans.

Paying down your other debt obligations is also worthwhile. So take a closer look at your car loans and student loans and get rid of them.

3. Invest your money so it works for you. Have an appetite for risk? Take a look at the stock market. If you're a bit more conservative maybe an index fund is for you. Investing in the stock market tends to work in the long run so - why not start now?

4. Being charitable is always a good idea

Donate to a good cause. Some organizations even have a matching program to double the impact of your donation. You'll help a cause you care about - and also earn yourself a tax deduction.

5. Invest in yourself

If you have a great business idea - invest in it! Whether it's a new laptop or a marketing course, you're investing in your future! Always keep records since it could be a business expense deduction...because tax season is never truly over.

@WhiskeyHue @Sava360com

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