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Your Take: Plans for Your Tax Refund?

Posted By Jim On 03/04/2011 @ 7:16 am In Your Take | 39 Comments

Last year, the average tax refund [3] was a cool three thousand bucks. While we don’t know what the average tax refund will be for the 2010 tax year, chances are it’ll be pretty sizable as a result of all the different stimulus and tax credits of the last year. While I’ve long talked about adjusting your tax withholding [4] (and reasons why you wouldn’t want to adjust [5]), most people don’t do it. Some people are concerned about penalties, others prefer this “forced savings,” and others just don’t want to bother.

We learned yesterday [6] that most people were planning on paying down debt or putting it towards savings, while others were going to buy a big ticket item or go on a vacation. The question we have for you today is – what do you plan to do with it? Save for a rainy day? Spend it on a vacation or new television? Put it towards a downpayment or against existing debt?

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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/plans-tax-refund.html

[3] average tax refund: http://www.bargaineering.com/articles/average-tax-refund.html

[4] adjusting your tax withholding: http://www.bargaineering.com/articles/how-to-adjust-your-tax-withholding.html

[5] reasons why you wouldn’t want to adjust: http://www.bargaineering.com/articles/dont-optimize-payroll-deductions.html

[6] yesterday: http://www.bargaineering.com/articles/tax-refund-survey-results-2011.html

Thank you for reading!