If you have kids, invest it in an UTMA. That saves the money towards their education and it's TAX FREE.
Well when I saw this question I thought that is a strange one as in the UK the Tax Return is the form you fill in with all your details for the year and you send it off and if you don't you get in trouble, so my answer would have been to send it off! But I guess it means what we would call a tax refund? If so then I would do what the experts say with any spare money and pay off debt with the highest level of interest, e.g. credit cards. If you don't have that kind of debt (lucky you!) then yes, invest in some tax free savings plan, no idea what kind of plans there are outside the UK!
Well, here are my two cents. You should make it that you don't get any taxes back on your return. If you can get it as close to zero and not owe anything at the end, that is the best. This way you aren't giving the government a free loan throughout the year. For those who can't budget/save their money, this might not be the best option though.
Probably one of the most boring....put it in the bank! Or use it to pay off debt. That is the 'wise' thing to do with a windfall but then other folks will argue that they earned it and it's time to buy something you want. And it all depends on the situation and the person.
The best thing to do with your tax return is to send it in so you can get your refund.
The best thing to do with your refund is to pay off any outstanding debt you have. After that, buy some small thing you've been really wanting to get, and bank the rest.
by StayPos8 months ago
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