TruPoint Accounting & Tax Today

Did you already spend half of your tax refund in your head? What if we told you that there are far more intelligent ways and things to spend your refund on other than your usual shopping sprees and nights out? The average refund amount within the last 2 years have been around $3,000, that’s a pretty hefty chunk of change that can either make or break your year. We’ve compiled a list of the most intelligent things your tax refund can do.

1. Start a small business.

Purchasing business development services for your small business idea is a great way to put your refund to use. A proper business plan will normally run you about $500-$10K from major accounting firms. Meanwhile, Licensing and pertinent registrations can cost anywhere between $5K-$15K at a major accounting firm. TruPoint Accounting & Tax decreases that cost up to 75%. Think smarter. Keep more of your money and decrease cost.

2. Increase your savings.

This is the best time to pump a large amount of cash into your savings. Whether you’re saving up for a rainy day or a new house, we say “Act like you’ve never received a refund and save, save, save”!

3. Finish a remodeling project.

 Spruce up your place by finalizing on a costly home project and have the whole year to bask in the ongoing savings. Your home improvement can qualify as a deduction if it adds materially to the value of your home; or prolong your home’s useful life significantly; or adapts your home to new uses. Chat with someone or call TruPoint Accounting & Tax today at 407.203.3031. We’ll help you find even more deductions that are allowed.

4. Buy Insurance.

This is the perfect time to get yourself, home and other liabilities covered. Monthly and yearly plans for home insurance can range around $700-$1500 per year. Life and car insurance typically starts from $50 to $300 per month.

5. Make Investments

Invest in mutual funds or stocks you’ve been considering. It may be a risk worth taking.

6. Pay off Bill Collectors

Take some creditors off your back by paying off a substantial amount of credit card debt and past due bills. This may even be the time to close any credit card account with too high of an interest rate.

7. Travel.

Put your refund on a separate account and prepay for a nice vacation rather than raking up credit card bills and dipping into your emergency fund.

8. Pursue Education.

Put money towards your education. Take a few college courses and improve your education without loans and government assistance.

9. Give back.

Help give back by donating to a local charity, school, or just someone who needs the help. It doesn’t always have to be cash. Charity in the form of food, clothing and shelter is always appreciated.

10. Splurge Intelligently! Go Green

Make a large purchase on a solar panel system for your home and save thousands of dollars in electrical bills.