It’s deadline day, if you haven’t done your taxes you have until the end of the day to get them signed sealed and delivered. What’s next? Just waiting for the refund check.
According to Scott Marshall with RiverTree Financial Mississippians receiving a genuine refund check generally see amounts between the $2,000 and $3,000 range.
“For some people the tax refund is a forced savings plan. It’s like, I know if I get a little bit every month I’m going to spend it, so better than that just getting it in the tax refund and spending it then,” said Marshall.
Your tax refund, for those who pay into state and federal taxes, is money that you paid the government that you didn’t necessarily have to. They’re refunding you for the overcharged amounts.
“Generally we say a better practice is to increase what you get each month, versus paying more to the government than you have to,” said Marshall.
It is easier to manage that money, and potentially come out even during the tax season if you utilize a monthly budget and pay less taxes each paycheck. Marshall said the most common items people purchasing with their refund check are cars.
“I wish I could tell you people put it in savings and toward debt pay off, but I think for most car dealerships this is the time that the sell the most cars,” said Marshall.
For more information on how to file your taxes visit HERE.