The tax season in the US is upon us and many people have different response to the refunds they are getting from their tax. The thing about the US that we like the most as citizens is the fact that there is unlimited freedom and you can exercise it in whatever you want and however you want to exercise it properly.
The tax report is something that a person would want to keep personal and limited to themselves. Many people keep it to themselves, but proof suggests if you post in online for your social media following to see, you might end up going viral.
A single mother in South Carolina has won hearts all across the state after she posted a heart wrenching message about her use of the tax refunds by the public government. She got $5,600 back in return and her use of it has created a ripple effect.
When the single mom from South Carolina got the $5,600 tax return, she posted on Facebook and let everyone know what she planned to do with them. Not many people go public with their use of their tax refunds, but this mom had the confident.
The single mom believed that the perfect way to use the $5,600 would be to pay the rent for the whole year. She did think about buying her kids fancy techs and some brand new Jordans, but decided against them.
Christina Knaack, who is the single mom posting her tax refund updates, was up front about her choice of things to do with the tax refund. She said that she was managing everything at home and this gave her some leverage.
The caption she had posted in the status was supported by a photo of the receipt she had used to pay her taxes. The receipt contained all the details pertaining to her tax return and how she had paid $5,400 of it for rent purposes.
No one really expected it to happen, but the post went really viral because of Christina's rather public confession of her spending patterns. As of now the post has garnered no less than 380,000 likes and way more than 51,000 comments.
According to media reports, Knaack says that she never anticipated the post to go viral, and had only written it as a means to share her way of life with her friends list. Now that the post has gone viral, it has brought repercussions as well.
Not all the comments that Knaack received after posting the status were positive and many people literally pointed her out for something as simple as posting a status about what she has done with her finances from the tax refund.
Christina Knaack says she was left astounded with the initial reaction the post had garnered overnight. But, some of the first messages that she got due to the post were filled with hate and it was impossible for her to feel okay about it.
What to Do With Your Refund
Deciding what to do with your tax refund can also be a big hassle. Not only do you have to kill the desire of doing something irresponsible, but also have to decide what's best for you with the money you just received.
Pay Your Debt
The first and foremost thing to see and do with the tax refund is to pay off all your debt and to clear yourself of the tricky situation you might find yourself in with all the tax you have to pay off. You might end up paying less by saving interest charges.
Save For Retirement
Saving for retirement means that you are saving the money for yourself, but only when you would have more time to spend it in a more beneficial manner. Most people don't save for retirement and end up regretting the careless attitude.
Add To Your Emergency Fund
It is always beneficial to have an emergency fund, which you can use at times of emergency to get the most out of your savings. The emergency fund can be used in tough situations to extract the most out of your savings.
Lower Your Refund
If you are getting a high tax refund, it means that you are overpaying your tax expense and are just playing with the time value of money. Rather than overpaying the tax return, you can invest in shares or any other stock to get a substantial return from the money in the period.
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