The IRS’ Filing Season Statistics are reported weekly. In 2019, the first week ended in 02/01/2019 and the last week reported ended in 12/27/2019. Taxpayers who filed in the week ending in 02/01/2019 got the lowest return with an average of $1,865. Guess the early bird doesn’t get the worm when it comes to filing taxes.
The taxpayers that got the highest tax returns filed on the week ending in 02/22/2019. The average return was $3,143 for those who requested a check to be mailed and $3,226 for those who opted to receive their tax refund as a Direct Deposit.
So, if you are about to file your taxes this coming week, you are probably among the group of people who gets the highest tax returns.
The vast majority of Americans use their tax refund to pay off debt. Some make large purchases, some invest it.
Buying a home in one of the smartest investments you can make.
Buying a home to live in or buying an investment rental property will help secure your future. Real Estate is almost certain to gain value year after year. There are some tax advantages as well for a homeowner. And with the interest rates at all-time-lows, mortgage payments will likely be less than what you pay in rent. That also means that when you buy a rental, you should have a steady cash flow to help with your monthly finances.
Don’t spend your tax refund. Invest it. Spend the cash flow you get after… or enjoy living in your new home.
We can help 🙂