The Tax Refund

We Skimm'd more taxes topics for you...

• The Basics

• The Specifics

• Things To Avoid

• New Tax Code, New You

The story

You did it, you figured out how to fill out your tax forms.

Do I get a refund?

Everyone wants to get a tax refund — but it’s not guaranteed. You only get one when the amount of income tax that you paid is more than what you actually owed. If you owe the gov money, sometimes you’re the one sending the check.

I know I get one. So where is it?

The IRS issues most refunds a little less than 21 days after it gets your tax forms. Oh, and you can track the progress. Patience you must have.

How will I get it?

Depends how you like to get your cash…

Direct deposit: Experts say this is the best way to go. Because it's the fastest and safest option. Noted.

Check: For people that have 'snail mail for life' on their bumper sticker.

Prepaid card: Some tax sites let you put your refund on a credit card. But beware of fees.

What should I do with it?

You've got tons of options…

Pay off debt: This can be anything from student loans or a big credit card balance. Start with the ones with the highest interest rate.

Add to savings/invest it: You never know when you might need an emergency fund so it’s always smart to put aside your refund for a rainy day. A lump sum can also be a good thing to add to things like your retirement account. New to investing? This can help. PS: The next Skimm Money is on investing. Stay tuned.

Treat yo’ self: If you don’t have to worry about debt or savings, do something nice for yourself. Some ideas to get your started: take a trip, start a business, buy that art you’ve been wanting. Show that refund who’s boss.

theSkimm

The best part about filing taxes is the refund. The worst part...is that you have to do it all again next year.