Invest Your Tax Return In Your Home
Have you filed your taxes yet? Taxes are due by April 18. There are complexities to this year’s taxes, thanks to the stimulus checks people received in 2021. While the stimulus payments are not considered taxable income, there are some circumstances where you might have received more than you should have. For example, if you had a child stop being a dependent in 2021 for whom you received stimulus money. you may have received too much. In some cases, you may not have received as much as you should have.
ARE YOU GETTING A TAX REFUND?
We spend a lot of time helping people get their paperwork organized for tax season. It’s worth the effort. When you have all of your records organized, filing taxes is easier. You remember to deduct all of those miscellaneous expenses that you might otherwise forget.
If you’re getting a tax refund this year, you could go on vacation or pay off a bill. But, if you want to invest in something that you’ll be able to enjoy for years to come, consider investing in a home improvement project. We have several ideas for home improvement projects that can help you be more organized and love your home more. Whether you update your kitchen or add a new coat of paint, investments not only add resale value but they also make it more enjoyable to live in your home.
GARAGE ORGANIZATION AND IMPROVEMENT
One of the ways many of our clients have spent a portion of their tax return is on a full garage organization project.
When you organize your garage in the spring, you can put your tax refund to a use that will keep paying you back. You’ll gain access to the garage to store sports equipment and camping gear for your spring and summer fun. You’ll probably find enough “stuff” to get rid of to make a little more money from a garage sale. Then when winter rolls around you can actually fit your car in the garage and you’ll be celebrating all over again. If you’re thinking of selling your home in the near future, an organized garage can make a difference in how well-received your home is by potential buyers.
There are so many things you can do with your garage. Obviously, making space for your car is a great idea. But you can also turn the space into an entertainment area. Your garage does not have to be a clutter-catcher. We love helping our clients discover all of the space they really have. If you’re getting a tax refund, giving yourself the gift of an organized garage can really pay off.
TAX REFUND FUNDED KITCHEN REMODEL
Remodeling your kitchen can be a dream come true. Even if you can’t afford a total remodel, you might be able to make a few changes that really make a huge difference. For example, you could invest in a new fridge that not only holds more food but is also more energy efficient. Or, you could remodel your cupboards and design a space that meets your cooking needs. It might even be a good time to consider using your tax refund plus a home equity loan to get the full new kitchen you’ve always wanted. For so many of us, the kitchen is the central gathering place of our homes and worth reworking to be what we need.
MAIN BEDROOM/BATHROOM REMODEL
One word: closet. A new, bigger, more organized closet. There’s more that goes into a main bedroom/bathroom remodel, but let’s be honest. We all really want more room for shoes. Your tax refund can go a long way toward helping you either remodel the space or invest in the right kind of closet organizing solutions to make the space you have more efficient and useful. You can use the same approach when considering the bathroom – even if you can’t do the whole bathroom, you might be able to remove the tub and have a shower only, giving you more space for storage, or simply invest in a better sink cabinet.
NO TAX REFUND? NO PROBLEM!
If you don’t get a tax refund, don’t worry. Even if you don’t have enough to invest in a big home improvement project, there are still things you can do. If you still want to make improvements to your home, we suggest that you start with decluttering and organizing your existing spaces. When you declutter your space, you often find you don’t need a whole remodel to make enough room for what you have, no matter what room you start with.
For other ideas about how to spend your tax refund in a way that creates lasting value, visit our friends at SelfStorage.com.
And if you need help getting started with decluttering, organizing, or planning your new space, give us a call!