It’s that time of year when people start receiving income tax refunds or filing their taxes late. There aren’t many people out there who enjoy any part of the tax process – except maybe depositing a tax refund.
I am not a financial expert but understand there is a relationship between money and stress. Managing your money can be stressful. Doing your taxes is a complicated and an arduous undertaking. It requires a lot of effort and time basically. Because I have my own business, I hire an expert to help me through the tax thickets.
Did you know there is an online resource called the U.S. Tax Center? They have a comprehensive guide to help everyday people like me and you. Glad this was brought to my attention and suggest you check it out as well.
If you are expecting a tax refund, what do you plan to do with it? I plan to put mine in the “emergency fund” which is something everyone should have. This fund came in handy several times over the course of my life. Best example: After a corporate buyout two years ago, I was laid off from a corporate position along with many coworkers. Then I was diagnosed with cancer again three months later.
Wish I was making that example up. Thank goodness we planned ahead for the unexpected. I recommend you put your tax refund (or at least part of it) into an “emergency fund” too. No one is invincible.
Below is a great infographic from the U.S. Tax Center with 5 simple suggestions on how to maximize your refund.