Every year millions of taxpayers receive refunds that instantly change their finances. Some use it for overdue bills, some save it for emergencies, and others plan something fun because they earned it.
This year, with new tax deductions and refundable credits, many taxpayers could see bigger refund amounts than expected. That makes this question even more interesting.
The most common ways Americans used their refund include:
For many families, the tax refund is the biggest check they receive all year.
Because of new tax rules, including expanded refundable credits and new OBBB deductions, many taxpayers could receive more money this year than in the past.
That means more financial choices, and possibly more opportunities to get ahead.
Now it is your turn.
What do you plan to do with your tax refund this year?
There is no wrong answer. Every situation is different.
Post your answer and tell us why. It is always interesting to see how people use their refunds, and you might even get a helpful idea from someone else.
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