It's time to get excited about warmer weather and spring adventures. Additionally, it’s officially Financial Capability Month, which means we’re bringing you tips and advice to get ahead of your finances with total confidence.
A tax refund is a reimbursement if you paid too much of your income to the federal government. Additionally, you may get cash back from tax credits if you paid for healthcare, college tuition or daycare. Check out some of the most common tax credits:
You could be getting up to $2,500 for each student enrolled. Learn more
The maximum credit for one child is $4000 and up to $8000 for two or more children. See if you qualify
If you're self-employed and pay for your own health insurance, you may be eligible for a tax credit. Find out if you qualify
Instead of giving you the same cookie cutter advice to save your tax refund, we know that how you use your hard-earned money is completely up to you. Plus, the best use of your tax refund will vary for everyone depending on your income, credit and personal requirements. Here are a few different scenarios that may be right for you:
Paying off debts and keeping up with regular payments can help improve your credit score and provide additional credit opportunities. Free up credit and give yourself the flexibility to try new restaurants or travel. Check out some common credit myths we’ve busted.
Want to spend some quality time with your favorite people? There’s nothing better than a family vacation to one of your favorite destinations. Add your tax refund to your vacation savings and you might just have enough to pay for a relaxing vacation.
A little extra cash towards home improvement could be the necessary makeover your home needs. Some simple DIY updates like a fresh coat of paint or refinishing kitchen cabinets could go a long way—without breaking the bank. Some other ideas include:
This blog post is intended for general information purposes only and should not be considered legal or financial advice.
Branch is not a bank. Banking Services provided by Evolve Bank & Trust, Member FDIC. FDIC insurance only applies for eligible accounts should the bank holding your funds fail. The Branch Mastercard Debit Card is issued by Evolve Bank & Trust pursuant to a license from Mastercard and may be used everywhere Mastercard debit cards are accepted.