For some, tax season may mark the start of an adventure in the new year! For those who receive a tax return, it can be a chance to make a purchase you have been waiting on or plan that dream vacation.
Tax filing seniors may be thinking about the possibilities they have with their 2020 tax returns. CaraVita Village, an independent living community in Montgomery, Alabama, wants to share ways to utilize your tax return, whether it be for adventure, practicality, or something small!
Put Your Tax Return to Good Use
While some may opt towards the adventure and fun way of spending their tax return (which is perfectly fine!), others may want to put their returns to more practical use to place themselves in a better overall position.
If you’re a homeowner, one practical way to spend your return may be on an upgrade or update to your house. While a tax return may not cover an entire home’s renovation, it can help you jumpstart a room or assist in smaller improvements. As our home ages, appliances, paint, and other aesthetics of the home may begin to fade or become worn out. Renovations or upgrades not only make the home look nicer, but they also improve the overall value of the home. This can be especially beneficial for tax filing seniors who may want to sell their house in the near future to transition to a retirement community like CaraVita Village.
If you’re seeking to sell your home and are looking for tips, check out CaraVita Village’s blog:
Another practical way to utilize your tax return is to save it. It’s estimated that you should have at least three to six months' worth of income saved in case of an emergency. While that may not be possible for everyone, setting your tax return aside could be a lifesaver should your car break down or an unexpected medical expense occur.
Enjoy Your Tax Return, You’ve Earned It
If you are seeking a more adventurous way to spend your tax return, there are many ways to do it. Airline tickets are getting cheaper, and the average tax return can easily front the cost of a mini-vacation or weekend getaway in your favorite city!
Another fun way to spend your tax return is to invest in a new hobby. New hobbies allow us to get out and meet interesting new people, and they help us revitalize our passion for living. Studies are even suggesting that hobbies can boost brainpower and increase longevity! Depending on the activity, you could use your tax return to buy the equipment needed, or sign up for classes to be able to learn and grow in this new area.
For those of us who may be seeking a little relaxation and rejuvenation, a spa visit could be the perfect way to spend your tax return. Research has shown that spas are not only relaxing, but saunas can reduce the likelihood of dementia and decrease the risk of developing cardiovascular disease in men. Health spas have also been linked to improving our overall health. A spa day or week is a great way to spend your tax return this year!
With tax season 2020, some seniors may be seeking a more permanent adventure. CaraVita Village is an independent living retirement community in Montgomery, Alabama that offers resort-style living. Our community is like a cruise ship that never leaves port! With delicious buffets, entertaining and engaging social activities, beauticians and beauty shops, and fitness and exercise center, CaraVita Village is redefining retirement.