Tax refund season is here. Before you blow that check, here’s what you need to know and do…
Tax refund season can feel like a great windfall for many taxpayers. Though it is typically a real windfall for retailers and politicians who get to report better numbers after a flurry of frivolous spending and taking on more debt. You’ve been patiently waiting for this moment all year, but before you join the shopping frenzy it will pay to make sure you consider these smart money moves.
The the Math on Your Other Taxes
Tax refund reason comes at a deceptively early time in the year. Most Long Islanders will really work through May or longer before they’ve really earned enough to pay their taxes for the year. This year many New Yorkers are going to be facing much higher taxes on a variety of fronts. Plus, rising interest rates could mean many end up paying a lot more on those loans, home equity lines and credit card bills this year. Make sure you’ve got enough cash in the bank for all these expenses before you spend it all. Nassau County’s higher property tax bills and new assessments alone could soak up most of local homeowners’ tax refund checks.
Challenge Your Property Tax Bills
Of course, before you blindly sign over your refund check to cover your property tax bill, it’s worth checking in with Property Tax Adjusters, Ltd. to see how much you could save buy grieving your taxes. You could keep thousands more in your pocket, and get to go do some real guilt-free shopping with that.
Start Your Own Business
The recent change in direction in the economy means that unemployment could be on the rise on Long Island again. Losing income in tandem with rising expenses can be financial disastrous. So, for many, this may be the best time to take any extra incoming capital and use it to launch a small business or side hustle, and get ahead of the game.
Find a new Place to Live
Maybe it is time to go check out new places to live that are more affordable, or at least have lower property tax rates. Then at least more of your monthly housing payment is going toward actual ownership and equity than to support a broken system that just isn’t getting fixed any time soon.