(907) 272-1421 | info@rulien.com

Receiving a Tax Refund? Spend It Wisely With These Tips!

Don Rulien

April 2, 2018

Are you expecting a tax refund? If so, don’t treat your tax refund as ‘bonus’ cash. Rather look at it as simply a return of taxes paid beyond your actual obligation. This will help you think about using this money purposefully. Here are some ideas to try:

  • Start or increase your emergency fund: By stashing away your refund into rainy day fund, you’ll build both a financial safety net and peace of mind.

  • Eliminate or pay down high-interest debt: Once you have established an emergency fund, paying off any high-interest debt such as credit card balances, payday loans and debt consolidation loans is one of the best things you can do to improve your financial situation.

  • Consider refinancing your mortgage: With relatively low mortgage rates available, you may want to consider refinancing your mortgage to lower your monthly payment and save money. Your refund can provide the funds to pay closing costs and other refinance fees.

  • Contribute to tax-sheltered accounts: Using your tax refund to top-up (or start) a Roth IRA or 529 college savings plan offers you a double bonus. Not only will you be compounding dollars and interest for your future retirement or college tuition needs, but you’ll be creating a tax deduction as well.

  • Improve the lives of others: If you have your own financial bases covered, then making a charitable donation is another good use of your return. The less fortunate will benefit from your generosity while offering you a tax deduction.

  • Reinvest in yourself or your business: Is there something you would like to improve in your business? Or would you like to take a class? If you have funds leftover after taking care of savings and debts, these are a few more smart choices to invest in.

While it is tempting to use your tax return as a windfall, it is important to remember that you earned it. Also, if you are receiving a sizable refund, consider adjusting your tax withholding amount, so you have more of your income to use to cover expenses throughout the year.

Questions? Please contact our firm.

   

Back to List


BOSS is the answer to your back office headaches. Our cloud-based solution enables you to hand complex accounting tasks over to us. We work the numbers while providing you 24/7 access to your data—and all at a fixed, affordable monthly fee.

read more

 Testimonials

"As a lifelong Alaskan who has been involved in the financial services industry for over 36 years, I have had the pleasure of not only being a client of Rulien + Associates, but have referred a number of clients to them for assistance on tax, financing, bonding, business succession and estate planning needs. Rulien + Associates was founded on two primary principals, integrity and providing the highest levels of customer service..."

Robert L. Shake, Business Development Officer
read more

"It has been my good fortune to have enlisted the services of Rulien + Associates for the past several years. They have provided me with expert guidance and timely help in tax preparation, estate and tax planning, family trusts, property sales, and retirement preparation. I am indebted to them for their assistance and for the sense of security I now enjoy."

John D. Erkmann, MD
read more

"Making the switch to Rulien + Associates, LLC was the best and easiest business decision I have made. They are at the top of their game and always working to help me reach my business goals. They treat clients like family and are always just a phone call away to offer guidance. They take care of all my business needs from financial statements, payroll, bookkeeping, and year-end taxes. Regardless of the size of your business, they treat all clients with respect and outstanding service."

Sharon Athascote
read more

"We switched to Rulien + Associates five years ago and have never looked back. They manage all of our accounting related needs for our four restaurants. They’ve always been great about explaining complex topics in ways that we can understand and a result, we are much more accounting savvy.  Their billing is extremely fair and we get great value for our money because our accountant is fast and thorough.  We enjoy and look forward to our meetings with them and trust their advice! We recommend Rulien to anyone looking for experienced and capable accountants."

Laile Fairbain
read more

Latest from Our Blog


Learn More