Are you still waiting to get your tax refund, or maybe you’ve gotten the check but haven’t run to the bank yet? I bet you’re super excited to blow it on 100 cups of coffee, a pound of youthening stem cells, or perhaps mechanical stilts with which to impress your offspring?
As usual, as an accounting firm, we are obligated to provide this painfully serious guide to making the most of your refund, without further references to that one episode of Futurama.*
First, what could be more fun than adding to your IRA! Making a contribution to a Traditional IRA could result in deductions and credits on next year’s taxes. For 2017, you can contribute up to a maximum of $5,500 to your IRA (or $6,500 if you’re 50 or older).
Second, you could establish a qualified tuition plan (sometimes known as a Section 529 plan or the slightly different Coverdell Education Savings Account)! While these plans aren’t tax-deductible up front, earnings and growth in these accounts are tax-free, and you can use them for educational expenses tax-free as well.
If you have any further questions on these suggestions, or if you’re looking for other non-cartoon inspired suggestions with what to do with your tax refund, please get in contact with us.
*Obviously the Futurama episode was about tax rebates and not tax refunds. They’re not technically the same thing, but do you really care? Okay, Hermes would care, so just pretend we’re doing this to annoy him.
**Also, May the 4th be with you!! . . . Because that fits so well with the Futurama theme of this post. . . .
Tags: one good joke, weirdly funny