In The News

MWE mentions and quotes.

Decisions, decisions: How to spend – or save – your tax refund

MWE Headshots Thumbnail LanceChristensen - Decisions, decisions: How to spend - or save - your tax refund

What are you planning to do with your tax refund this year? It may be tempting to go on a shopping spree or book an extravagant vacation, but you may want to leverage your refund in other ways, Lance Christensen tells Newsday.

 

 

 

newsday logo 220x166 - Decisions, decisions: How to spend - or save - your tax refund

 

 

 

 

 

 

Give yourself a small treat: Don’t splurge on an extravagant vacation, but a weekend getaway to recharge yourself is a worthy investment. Says Lance Christensen, a partner at Margolin, Winer & Evens in Garden City: “After funding short-term goals, any amount left should be used to reward yourself.” Read More>>>


Read: 6 Last-Chance Tax Breaks: Do You Qualify?

What would you do with an extra $3,000? If you’re like many people, you might get that amount as a tax refund for 2017. You probably don’t have to think too hard about how to spend that money. But what do financial pros recommend?
  • Pay down your debt: “Tax returns are the perfect way to jump-start that goal of getting out of debt. You could also use it to get ahead of any monthly payments you may have such as loans, mortgages or car payments.”
  • Save it: Build your emergency savings fund, if you don’t have at least three months of expenses stashed.
  • Contribute to your retirement account: “Contributions to a 401(k) or traditional IRA will reduce your taxable income on next year’s return. You have until April 17 to contribute to an IRA.”
  • Open a college savings plan: If you are not planning to invest in your own education, do so for your child. “While implementing a monthly savings plan toward college is often advisable, making additional lump-sum contributions from your tax return may help speed up the achievement of this challenging financial goal too. Research the benefits of a 529 plan.”
  • Give yourself a small treat: Don’t splurge on an extravagant vacation, but a weekend getaway to recharge yourself is a worthy investment. Says Lance Christensen, a partner at Margolin, Winer & Evens in Garden City: “After funding short-term goals, any amount left should be used to reward yourself.”
Contact Us
reCAPTCHA
Sending
Long Island

400 Garden City Plaza, Fifth Floor, Garden City, NY 11530
T 516.747.2000 // F 516.747.6707

New York City

757 Third Avenue, Suite 2002, New York, NY 10017
T 212.973.1000 // F 212.973.1004

Grand Cayman

27 Hospital Road, Fifth Floor, P.O. Box 1748GT
George Town, Grand Cayman, Cayman Islands, B.W.I