Making the most of your tax refund

March 26, 2020

 

Are you expecting a tax refund this year? If you're caught up on your bills and have an emergency fund saved up, consider reinvesting that extra money into your home. Here are some ways your tax refund can help you as a homeowner.

Taxes Are Now Due Wednesday, July 15

The federal income tax filing deadline has been automatically extended to July 15. This extension also applies to income tax payments. However, if you anticipate a refund this year, the IRS is urging taxpayers to file as soon as possible. Visit the IRS website or consult your tax advisor for more details.

 

1. Make an extra mortgage payment.

It's not right for everyone, but an additional payment can end up saving you money in the long run by decreasing the principal that you owe and by helping you pay off your mortgage quicker.

 

2. Make money-saving improvements.

Low-flow toilets, faucets, showerheads, and even sprinkler systems can make a dent in your bills. Installing Energy Star appliances can improve your home's efficiency and help you keep costs down. And when it's time to sell your home, you will have increased its value, to boot.

3. Tackle your maintenance list.

While a chunk of cash in the form of a tax refund doesn't exactly scream, "Seal the driveway!", making the little repairs and replacements that keep your home running is a great way to spend your cash. Break out the honey-do list or the we'll-get-around-to-it list of home maintenance jobs, and check off every item once and for all.

 

 

We are not tax preparers or advisors, nor financial consultants. Consult your tax advisor or financial advisor for more information.

 

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