Paying taxes, it’s part of being an American. And with that, each year we mull over receipts, bank statements, W-4s, and the like to hopefully earn back a little extra cash from our annual tax return. In recognition of Tax Day this year, Peerless-AV thought it would be fun to create a list of ways you could spend your tax return. Read on for a list that includes options for small, practical uses, to larger elaborate and potentially unrealistic purchases and investments.
According to U.S. News and World Report, one very practical way to use your tax return is by starting an emergency fund. Sure, this is not very “fun” or even pleasant to think about, but your future self may thank you should something unexpected come your way down the road. In addition to emergency funds, Forbes also recommends a number of practical uses including paying off debts and loans and creating other “fund banks” that could come in handy in the future. But don’t forget practicality can also mean something exciting like pre-paying for an upcoming vacation, large purchase or something for your home, like a new Peerless-AV . Basically, anything that is not considered an impulsive or glamourous purchase could really be considered practical spending, right?
For those of you who look forward to your tax return as an excuse to treat yourself to something on your wish list, the possibilities are endless! Here are just a few things we would want to include on our list:
- New electronics and gadgets, think the newest MacBook, Amazon Echo, high-end headphones, and the like.
- A new outdoor TV from Peerless-AV to complete your backyard space.
- New fitness apparel and gear like running shoes, Fitbits and wearables, and of course the most expensive and comfortable workout clothing.
- Shoes, shoes, and more shoes! Whether you’re comfiest in a good pair of Nikes or take a “beauty is pain” approach with sky-high pumps, shoes are always a good idea (in our opinion).
- Dinner at a nice restaurant, somewhere you don’t usually dine, but always wanted to.
- High-end booze, splurging for that $20 bottle of wine instead of your go-to $7 bottle.
Finally, in the case you are really reeling in the money this season and want to live larger than life here are some ideas for when the sky is the limit.
- One game of Black Jack – you have half a chance at doubling and half a chance at losing everything in a matter of 30 seconds.
- Buy a private island – who doesn’t want to own a beautiful piece of property in the most remote ends of the world with no other people around?
- Lamborghini – or any expensive and impractical day-to-day ride.
- A Rolex (or two) – because every wrist deserves to be decked out in a triple digit watch.
Tell us what you want to spend your return on!