Many Americans procrastinate on their taxes, with 24% filing in April and 22% waiting until the last minute, according to data from IPX1031 Tax Procrastinations Survey.
Though, once the taxes are done and the refund is received, it’s important to use that money responsibly.
Host of Yahoo Finance’s Financial Freestyle Ross Mac joins the show to give more insight on this: “The tax refund is actually your money, and the reality is you were overpaying the government the prior year. So, you have to look at this and say, ‘Okay… I was given the government an interest-free loan the prior year, and now they’re just giving it back to me.”
Mac recommends using the refund to pay off high-interest debt, like credit cards, which can have rates as high as 30%. “If you don’t have any credit card debt… build up that emergency fund,” Mac advises, emphasizing the importance of financial responsibility.
Watch the video above to hear more on Mac share smart strategies for using your tax refund wisely.
Financial Freestyle with Ross Mac on Yahoo Finance is dedicated to promoting economic prosperity for all. Through expert insights, practical advice, and inspiring success stories, we empower you to build and grow wealth. Join us on this transformative journey toward financial freedom and inclusive economic growth.
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This post was written by Josh Lynch
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