Make The Most Of Your Extra Cash This Tax Season

For many people, their yearly tax refund is something they look forward to for many months. There are a plethora of uses for that timely cash that comes your way each tax season. People who are expecting a refund may have already started getting their information together so they can be ready to file their tax returns as soon as they can. But what should people do with the money once they get their return?

How to use this extra pocket change in the best way depends on each individuals’ current economic circumstance. Careful thought and planning are even more important in these times of economic uncertainty. Most financial advisers will caution refund recipients to not splurge on unnecessary luxury items and to consider dividing the refund among several practical things.

How To Spend Your Tax Return

Again, depending on the economic situation and needs of the individual, the way a tax return can and should be spent will vary.

One good consideration for most taxpayers of average means is allocating part of the refund to a “rainy day” fund. Setting up a cash reserve for the unexpected expenses that always seem to arise is a solid option that will take some stress and worry away just knowing that reserve is available.

Another use to consider is making some home improvements. Most of us have a honey-do list a mile long, and many home improvement projects – such as painting or landscaping – also help to increase the long-term value of your property.

Other improvements can be made as well, such as installing more energy-efficient windows or a programmable thermostat. Both of these options can help you save money on heating and cooling expenses in the long run.

For even more long-term money-saving goodness, consider replacing older appliances with new, energy-efficient models.

All of these improvements are relatively cost-effective, and may not even use up your entire tax refund.

Another smart choice – why not use part of the refund to either set up or fund your IRA? This not only ensures financial stability in the future, but it can also save you tax dollars when you file the next year’s return.

Investing some money in mutual funds or stocks is also something to consider, if that’s something you’re comfortable with. These are also investments that can be made through an IRA and can be beneficial to your future economic stability.

More Practical Uses For Your Tax Refund

For many people, using their tax refund for more reliable transportation is a necessary consideration. There are ways you can maximize your refund to put the most money towards a down payment on a new-to-you vehicle. Even if you’re challenged in the credit department, there are financing options available to you.

In North Carolina, the leader in putting people into excellent quality reliable used cars is AutoMax. We have two convenient locations to serve you, AutoMax Youngsville and AutoMax Henderson. No matter where you live, you’ll be only a short drive away from finding a quality used car that will make your life easier.

You may find yourself wondering, So how do I maximize my tax return? We have good news – you only need to use a portion of your refund as a down payment on a vehicle of your choosing, and let our professionals at AutoMax finance the remaining balance for you. You can drive away today with our deferred seasonal payment program, Tax Max. Put your tax refund to work!

Tax Max: Our Deferred Seasonal Payment Program

Every year, we offer to pay for your tax prep (up to a value of $300) when you participate in our Tax Max deferred seasonal payment program. We can use software provided by Tax Refund Services (TRS) to estimate how much tax refund you will receive. If your estimated refund adequately covers the cost of a down payment, you qualify to participate in our one-time deferred seasonal payment program.  The deferred seasonal payment is not due until you get your tax refund. Yup, you heard us – drive off the lot today with our low-down payment plan offered through our Tax Max program!

Since AutoMax is a buy here pay here dealership, financing your new vehicle purchase is a breeze. You don’t need a bank or third-party lender to approve a car loan for you since all our financing is done in-house. All that’s required is the completion of a simple application, which you can even do online so you can be pre-approved before even visiting the dealership. After that, to close the deal, all you need to do is show proof of income, a valid current driver’s license, and get ready to drive that new-to-you used car home! We don’t need to check your credit score – we only need to know that you have the income to repay the loan. Plus, we’ll report your timely payments to the credit rating agencies to get you on the way to repairing your credit score.

For over thirty years, AutoMax has been helping people all over North Carolina easily purchase quality used vehicles from our expansive inventory. Purchasing a solid, reliable vehicle is a smart choice for this year’s tax return. Learn more about our Tax Max program, and then shop our online inventory. See something you like? Come see us today at either of our locations in Youngsville or Henderson.