[ Ссылка ] You've filed your taxes and know you're getting a return, but what's the best way to spend that money? CPA and TurboTax tax expert Lisa Greene-Lewis has some suggestions of how to maximize your extra cash.
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Video Transcript ~ Title: Tips on How to Spend Your Tax Refund - Presented By TheStreet + TurboTax
- Come tax season, it's far better to get cash back from Uncle Sam than to own more. And it's more fun too. Lisa Greene-Lewis, CPA and tax expert at TurboTax, is here to offer some advice on tax refunds. Welcome Lisa, and tell me, what should I do with my tax refund? New car, vacation, Bermuda? Where should I go?
- It's a personal preference but you should definitely try to get ahead. A lot of people don't have an emergency fund. If something happens, your car breaks down, then you rely on your credit card and then you incur credit card debt. So it would be great to invest some of that into an emergency fund and then maybe pay down some of your credit card debt, and then think about investing in an IRA or investing more in your retirement. By doing that, you're lowering your taxable income for the next tax time.
- So at TurboTax, what are some common sense strategies that you advise some of the filers to do with their refunds? Just so they don't blow it like I will.
- We did a survey and found that people tend to blow their tax refund in about 21 days. And a lot of taxpayers, they plan what they're gonna do with it, but they don't actually do what they plan. Some interesting findings. We found that 68% of millennials, 18 to 35, plan what they were gonna do with their refund versus those 35 and over at 45%. And then also we found that millennials, 18 to 35, plan to invest their refund. 14% of them plan that. And those 45 and over were at 7%.
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