It’s that time of the year folks. If you haven’t done your taxes already, you better get to it, you have a bout a month.
What to do? Well you’re either getting a refund, getting nothing or paying up. So here are a few tips for whatever situation you might have.
1. Have to pay up? Now is a great to do some spring cleaning in your closet. Make some money and sell off those old handbags or clothes you haven’t worn in over a year to a consignment shop. There are plenty around and even online (i.e. I-Ella.com, or LXR & Co).
2. You can also give those old clothes and even pieces of furniture to charity for a tax deduction.
3. Getting a refund? Well you can save it in the bank if you don’t have your 3-6 months of emergency reserves. Or, you can save it in a mid to long-term vehicle like a brokerage account, cash value life insurance or an IRA.
4. Been saving all year? Pat yourself on the back and reward yourself with a gift from the new spring collections.
5. Plan a vacation. Cheap or not. It’s always great to get away. Make sure to take a new bikini and sunglasses with you.
Whether you’re paying up or getting a refund, make sure to carefully review your taxes with not just an accountant, but a financial professional to ensure that you’re not missing any opportunities to save.