- Days left

10 Smart Uses for Your Tax Refund

×
Tax refund checkBy Kimberly Lankford, Kiplinger


If you have a refund check coming your way, consider using it to bolster your personal balance sheet. The average refund has been around $3,000 for the past two years. (Most people receive their refund within three weeks of filing their returns.) That's a nice chunk of change. Here are 10 good things you could do with the money.

(But before you get to spending it, here's a thought: If your refund was substantial, consider giving yourself an immediate raise by adjusting your tax withholding to increase your take-home pay. Use our Tax Withholding Calculator to figure out how many allowances you should claim.)







More from Kiplinger


Increase your money and finance knowledge from home

How to Avoid Financial Scams

Avoid getting duped by financial scams.

View Course »

What is Inflation?

Why do prices go up?

View Course »

TurboTax Articles

Video: Who Qualifies for an Affordable Care Act Exemption (Obamacare)?

The Affordable Care Act requires all Americans to have health insurance or pay a tax penalty. But, who qualifies for an Affordable Care Act exemption? Find out more about who qualifies for an exemption from the Affordable Care Act tax penalty, how to claim an exemption on your tax return and how the Affordable Care Act may affect your taxes with this video from TurboTax.

Video: How to Claim the Affordable Care Act Premium Tax Credit (Obamacare)

The Affordable Care Act Premium Tax Credit is a new refundable tax credit that can lower your monthly health insurance premiums. If you qualify for the tax credit, you can claim the Premium Tax Credit throughout the year to lower your monthly health insurance premiums, or claim the credit with your tax return to either lower your overall tax bill or increase your tax refund.

Deducting Summer Camps and Daycare with the Child and Dependent Care Credit

If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit of up to up to 35 percent of qualifying expenses of $3,000 for one child or dependent, or up to $6,000 for two or more children or dependents.

What Is Schedule H: Household Employment Taxes

If you hire people to do work around your house on a regular basis, they might be considered household employees. Being an employer comes with some responsibilities for paying and reporting employment taxes, which includes filing a Schedule H with your federal tax return. But even if you have household employees, filing Schedule H is required only if the total wages you pay them is more than certain threshold amounts specified by federal tax law.

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:
cqdeed

The only time I have ever had financial difficulties is when someone else was "helping" me spend my money. She is now an "ex".

March 27 2012 at 12:15 PM Report abuse +2 rate up rate down Reply