Most Americans will receive a nice, fat tax refund from the government after they file their taxes this year. Last year, the average refund was $2948 and that number is expected to rise slightly. People get very excited about getting a refund and while it may be tempting to blow this unexpected lump sum, you need to know how it should be spent by taking a look at today’s infographic.
For now, we’re not going to focus on the fact that your goal should be to breakeven and get back as close to $0 as possible. Your giving the government a tax free loan and nobody got rich by loaning money for free. We’re simply going to assume that you are eligible for a refund and want that money put to use the best possible way.
This infographic takes a look at some great ways to put that tax refund to work. If you’ve visited this site before, you know that I love infographics. Combine an infographic with a well done decision tree and you have visual gold. Navigate through this decision tree and answer the questions according. What you end up with should be your best plan of action for your tax return this year.
READERS: How much do you expect to get back from the government this year? What do you plan on doing with the refund?