Tax Refunds: The Number One Thing To Do With Yours

Blog February 8, 2024 By Tim

Tax refund season is here, along with a variety of different tax deadlines. What is the number one most important move you can make with your tax refund money this year?


There are several important looming tax deadlines at this time of year. Employers and money managers have to get out W2s, 1099s, and other tax documents. The federal income tax deadline is approaching fast. Along with it is the deadline for claiming additional tax breaks and write offs. Such as for deductions for contributing to and investing through IRAs. 


If you live in NY, then you also have to deal with state income taxes. 


What Should You Do With Your Tax Refund Money?


Sadly, many workers work so hard all year, while giving an interest free loan to the government, in hopes of a windfall of tax refund money at the beginning of the next year. 


This money is often splurged on anything except for necessities. Or is used to get deeper in debt. Such as when using it as a down payment on a new car. 


Then everyone is scrambling to work and make ends meet again. 


Saving and investing this money is much smarter. Done right it can give you bigger tax breaks for the following year. As well as helping to ensure you can survive rising inflation. 


Yet, one of the best and most important uses of this money is to make sure that you are caught up on your property taxes.


You can lose your home in NY a lot faster to delinquent property taxes than falling behind on your mortgage payments. So, make sure you are paid up on this bill before going on that spending spree. After all, where are you going to put those new clothes, TVs, and park that new car if you lose your home?


Before You Pay Your Tax Bill…


Another looming tax deadline many are overlooking is for appealing your property tax assessment and bill. 


There is a good chance that you are being substantially over-billed. So, before you pay, have Property Tax Adjusters Ltd. review your bill and challenge it on your behalf. 


This way you may save hundreds or thousands of dollars on this bill each year, and still have plenty of left over cash to treat yourself.