While tax day usually takes place in April, this financial year has experienced a few delays that extended this due date. The official day to file your taxes was July 15 so many people will finally be getting their much-desired refund in the coming weeks.
But what can you do with this money? Many people will use this money to catch up on bills and maybe buy themselves something nice. Most people are finding ways to pay less in taxes, so the amount you get back might be less than you think. But, if you want to extend your tax refund from the federal government a little further, there are a few more things you can do.
Are you looking to engage in more savvy spending this year? Rely on these tips to make the most of your refund.
While most people are content with putting their extra cash into a savings account, there’s a better way to use your nest egg: investing.
Investing your money into real estate or the stock market might seem like something that happens in the movies, but it’s more achievable than you think. Investing money is one of the best ways to accrue more wealth over time. While most investments don’t pay off immediately, investing in growing businesses, real estate, public hospitals, and stocks, will see your capital grow over the course of the next few years. Ever-advancing technology has made identifying investment opportunities easier than ever. All you need to do is take a small portion of your annual income and rely on apps, financial advisors, and stock tradesmen to make the most of your investment for the long term.
If you want more help learning how to make the most of your investment, rely on a professional for help. Mark Wiseman, for example, is a global investment manager and experienced business executive. He can help turn the refund from your taxable income into a higher income in the long run. After all, the best way to start investing is by learning from the best.
The United States is known for its taxes, but that doesn’t mean you should only use this country’s resources. Many Australians worked to maximize their return while still keeping money in their pocket throughout 2019, and most of these tips can be used throughout the United States, too.
And if you’re not interested in learning from other countries, why not invest in them? The United States is a booming metropolis, but there are countless other countries that are growing just as rapidly. Some overseas investments can give you a higher kickback per cent than you would get here. Don’t neglect overseas portfolios if you’re interested in making your tax return go further.
Did you know that certain medical procedures and related expenses, like a medical levy surcharge, can be written off of your tax forms? This is just one aspect of your financial life that you can control and work to your advantage.
While it might be too late to do that in the United States, taking control of your expenses—and your surcharges—can help you save money in the long run. Any money you put toward retirement or social security can also be written off since you’re investing in your future. You can also write off any charitable donations, business fees, and more. While these numbers won’t impact your gross income, it can result in a higher return down the line.
Private health insurance rebates are another component worth looking into. Health services are expensive, but many insurers offer rebates, returns on a surcharge, and more.
Whether you and your spouse want to make the most of your higher incomes, or you’re simply trying to stretch your money a bit further, rely on these tips to own tax season this year.