Sleeping on lawn chairs, roasting marshmallows, laying out on the beach. Yes, it’s that time of year folks. Summer is in high swing and if you haven’t taken a vacation yet, you should.
I had a great time frolicking in the Hamptons this past weekend. Everyone wore their favorite summer dresses and latest bikinis. And I loved hanging out at Southampton Social Club under the stars in my favorite maxi dress this past weekend with Gabriella and Lidiya Oros of Oros Music. We had perfect weather and all I needed was a hammock to complete the night!
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.