Local accountant gives advice on ways to spend your tax refund
OMAHA,Neb(FOX42KPTM)-The last day to file your taxes is April 17th of this year.
One local accountant says if you get money back, you must be careful how you spend it.
"If you have credit card debt, if you have any type of outside debt, that's obviously not home mortgage debt, but outside debt, that's the first thing we tell people to do," Bob Berger said. He's a certified public accountant.
He says to consider investing in something that could help in the long run.
"Take your refund and put it in next year's IRA payment so you're already investing for next year and reducing your tax liability."
Berger mentions that most of the time, people want to shop and don't think about how the money could actually help them.
"It comes into your bank, the first you want to do is spend it, I want to buy new shoes or buy new clothes, but I think the best way to do it is invest in your future."
It's not a bad idea to buy items you like, he says just make sure it's something you really need.
"If you're going to replace a car don't say hey, I'm going to run out and buy it because I got this big tax refund, buy it because you need a new car."
Failure to file your taxes could lead to a penalty.