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Tax Day 2020 is Wednesday, April 15. Here are tips on how to make sure you get the best tax refund and spend it wisely. If you need that money a little early, we can help you figure out how to request the funds online.
If Uncle Sam was really your uncle, you could tell him to get lost when he asked for money. How it is, you must give him a chunk of your paycheck each month. Fortunately, that means a big, fat refund every year.
Companies like H&R Block and TurboTax promise to help you maximize your refund money. They do a pretty good job, but they can only offer so much help through an online form.
If you are itemizing your deductions, then chances are you will be better off going to a tax office and working with a real-life accountant. They can find things overlooked by even the best online tax forms.
Here are some more tips for getting your best tax refund:
Pro Tip: While a big refund is fun, it’s smarter to get no return at all. Try to set up your W-4 allowances, so you don’t pay too much in taxes. You will enjoy a bigger paycheck every month, which may keep you from needing to take out a personal loan to cover emergency expenses.
Most of us have no problem figuring out ways to spend cash. It’s easy to come up with ideas on what to do with your tax refund money. Being smart with money is another thing altogether.
Here are some good things to spend your tax return on:
Other state tax refund spending ideas include everything from funding a dream vacation to getting a new home theater system. While these purchases can fun in the short run, figuring out how to use your tax return wisely can make you happier for longer.
There are two types of people who borrow money when filing their taxes:
If you are expecting a return and need cash now, we would advise against taking out a tax return loan. We are talking about the type of funding marketed directly to those who want to borrow against their tax refunds. This financial product tends to be very expensive, and so you could lose a large portion of your return.
A better option is a personal loan online for excellent credit. Rates can be as low as 4%. That’s a pretty cheap loan if you pay the money off as soon as you get your return. It’s possible to get up to $40,000 in as soon as one business day.
Easy personal loans may be available for other credit types as well.
If you end up working with an advisor on your 2019 tax return, be sure to ask them to help you plan for next year.
They can help:
Those who use a tax accountant often say they ended up saving many times what the service cost.