David M. Daggett has been a Certified Public Accountant for more than three decades. In this time, he's worked with clients ranging from multi-million dollar companies to small businesses and high net-worth individuals. Regardless of the client, what he has noted is how the process of filing tax returns is stressful for many people. However, the joy of filing returns on time is the income tax refunds that individuals can be eligible for.

While getting a tax refund means you are getting money back into your pocket, you might not have properly thought about what to do with the infusion of cash. It’s a good problem to have, one that you can tackle in the following ways.

Pay debt

One of the useful ways you can make use of the tax refund is to pay down debt. If you have consumer debt – credit cards, student loans, mortgage – then use the refund to pay off some of it. Any form if debt should be a major focus because it limits financial freedom, inhibiting people from spending their money as they wish.
If you are getting a significant refund – think anything above $1,500 – you can allocate a major portion of that money to pay off debt, and use the rest on yourself.

Save

There isn't anything like too many savings, so you can channel the refunds towards your savings. Use the money to set up an emergency account, save for a vacation, or put it towards a worthy goal like buying a car

Build yourself

This can take different meaning with different people, but you can invest the money in your education, channel into an investment option, or do something that adds value to your life.

Home improvement

You can also consider using the refund to make a few home improvement adjustments, like replacing the insulation or remodeling the bathroom. Or perhaps make energy efficiency improvements that will save you money in the long run. Any value added to the home will be a boost to the living experience

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