Five Ways Your Accountant Can Help You Budget Your Tax Refund

Budget Refund Accountant Business

Budgeting Your Refund

Every business owner and individual looks forward to tax season, especially if tax season presents an opportunity for your business to get a tax refund. Because it usually falls outside of one’s ordinary budget, tax refund money is often spent on frivolous things without much premeditation. This is definitely a habit worth breaking, especially for business owners.

An accountant can definitely help you budget your refund so that you are put in the best possible financial situation. Here are four specific ways your accountant can help you do this.

An Accountant Can Show You How to Tuck Away Your Refund in Savings

While your accountant doesn’t have any official say over your money, they can offer friendly suggestions that may help you better budget your tax refund. One of the best ways your accountant can help you budget your tax refund is simply by encouraging you to tuck away your tax refund into your savings account.

An Accountant Can Effectively Help You Pay Down Credit Card Debt

Your credit card debt is a serious issue. A good accountant knows exactly what debt you have and how long you have to pay it off. When attempting to budget your tax refund, one of the greatest investments you can make is paying off any outstanding business debt you have. While many people may disagree with this advice, it’s important to remember that your tax refund is literally money you didn’t have in the bank so why not use that money to improve your debt problems.

An Accountant Can Teach You How to Build on or Start an Emergency Fund

Emergencies happen for all of us, and they happen even more frequently for business owners. Building or starting an emergency fund with your tax refund could literally save your business should it ever have to deal with a crisis. Being over-prepared is always better than being under-prepared.

An Accountant Can Help You Make Extra Business Payments

Do you have an office space? Equipment you are renting or renting to own? Get ahead of those payments while you still have a chance by making extra payments with your tax refund. Not only will it give you an additional cushion for the next couple of months to relax on, it will also give you a chance to experience freedom from paying bills.

Image credit: Pictures of Money

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  • Huddleston Tax CPAs / Huddleston Tax CPAs – Burien
    Certified Public Accountants Focused on Small Business
    14900 Interurban Avenue S, Suite 271 / Tukwila, WA 98168
    206-229-7169

    Huddleston Tax CPAs & accountants provide tax preparation, tax planning, business coaching,
    QuickBooks consulting, bookkeeping, payroll, offer in compromise debt relief, and business valuation services for small business.

    We serve: Tukwila, SeaTac, Renton. We have a few meeting locations. Call to meet John C. Huddleston, J.D., LL.M., CPA, Lance Hulbert, CPA, Grace Lee-Choi, CPA, Jennifer Zhou, CPA, or Jessica Chisholm, CPA. Member WSCPA.