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Tax season is about to start!
You probably gave the federal government more money than you owed so now it’s time to get it baaack. The average refund is around $3,000 so yes, let’s get excited for tax time!
Important dates to remember: April 15 is the last day to file your return and you can start filing as early as January 27, 2020.
The IRS officially says that 90% of refunds are issued within 21 days but taxpayers with straightforward taxes or with no issues can see it within 10-14 days. To get your refund back as soon as possible, go the e-file and direct deposit route as paper returns can take up to 4 weeks of processing time as they’ll have to manually input data.
Once you submit your return, you can check the IRS Refund Status Tool instead of bugging your tax pro. Updates will appear 24 hours after you e-filed or 4 weeks if you did a paper return.
So what to do with that refund money? Here are some smart ways to handle it:
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2. Save Money If You Spend Your Refund
Alright, let’s be real. We’re all tempted to treat ourselves when there’s some extra cash flow but let’s make the most of your tax refund with these money-saving options that will really help maximize your money.
Fetch Rewards: Off to the grocery store with your tax refund? Be sure to snap a picture after since you can scan ANY grocery receipt to get points for gift cards. Stretch that refund to the max!
Ibotta: Another must-have for your grocery trip and you can stack it with Fetch Rewards. Search for your items in the app, go on your trip, then take a picture afterward to get cash back. New members can get up to $20 in Welcome Bonuses!
Ebates: Say goodbye to paying full price when you can earn up to 40% cash back at over 2,500+ stores including Amazon, Walmart, Kohl’s, and Sephora. Plus, you’ll find coupons, free shipping codes, and awesome sales. Membership is free and you get $25 for each referral!
Drop: Buy stuff normally and you can get free gift cards you actually want. Your everyday purchases on your most used credit cards will accrue points to be exchanged for gift cards.
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5. Empower Yourself Financially, Especially for Women
Whether you think about it or not, there are important realities in a women’s life.
Gender pay gaps where women make less than men, career breaks where women’s earnings drop significantly after having a child,(*) and longer than average lifespan meaning women need more money to live.
That’s why it’s vital to save for retirement and invest, especially if you’re female and why
Ellevest exists, an investment service and money membership created by and designed for women.
Men and those that identify as non-binary are welcome to join as well but it’s the first company to take on women’s unique set of obstacles when constructing an investment portfolio.
With affordable flat monthly fees starting at $1 and maxing at $9, you can be sure that your financial health is taken care of with personalized retirement planning (Plus and Executive memberships), investments with no asset management fees outside of your membership fee, and discounted sessions with career coaches and financial planners. Membership also includes an Ellevest debit card,* which gives you the option to round up spare change to help you save further** as well as unlimited ATM fee refunds.***
With the current world events, it’s even more important to make sure that your “future you” will be comfortable, so take advantage of the first free month and see how it can help you.
*IRS refund statistic source: IRS.gov
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