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How to Maximize Your Tax Return

Illustration of someone filling out tax return

April 18th is the last day to file your tax return for 2016 and it’s right around the corner! You’ve probably been thinking of the best ways to spend the return you might be receiving. Instead of splurging this year, consider spending your return on something that might provide more long-term value.

Here are three ways to maximize this years tax return:

Pay Off Debt

One of the best ways to set yourself up for financial success in the future is to pay down or pay off current debt. Not only could this help improve the amount of liquid funds you have available, but this is also a great way to help improve your overall credit score.

Save for a Rainy Day

Unexpected expenses happen to everyone and they tend to happen when you least expect it. Be prepared for these situations by setting aside a little money in your account to help alleviate the stress and financial burden when these situations arise.

Build Equity

Consider using the money from your tax return to put towards projects in your home that you’ve been wanting to complete. Installing wood floors or replacing your roof are two projects that may increase the overall value of your home. If you’re looking for a lower-cost way to increase your home value, consider a fresh coat of paint or updating your landscaping to improve curb appeal.

The information voiced in this material is for general information and is not intended to provide specific advice or recommendations for any individual.