Reuters - Video

EDITION: U.S. | U.K. | IN

Personal Finance

Fun ways to make tax refunds count

Friday, April 13, 2012 - 02:12

April 14 - The average IRS tax refund check is $3,000 prompting a personal finance expert to ponder some unconventional and fun ways tax payers could use the money the government has been sitting on this year. Jill Bennett reports.

▲ Hide Transcript

View Transcript

Tax day is fast approaching....and the overwhelming majority of Americans will receive a refund check, averaging $3,000 from the government. Most taxpayers seem to have plans for every last cent of it. SOUNDBITE: BETH SHEVITZ, TAXPAYER, MARYLAND (ENGLISH) SAYING: "I'm going to buy an iPad." SOUNDBITE: PAMELA DAVIS, TAXPAYER, BROOKLYN, NEW YORK (ENGLISH) SAYING: "I had wanted to go on a cruise but I needed a sofa." Personal finance experts, including Gary Schatsky, President of ObjectiveAdvice.com, urge taxpayers to use their refund checks towards retirement savings and high interest debt. We urged Schatsky to ditch the rational advice and come up instead with some fun splurges: SOUNDBITE: GARY SCHATSKY, PRESIDENT, OBJECTIVEADVICE.COM (ENGLISH) SAYING: "If you had $3,000 you could buy 5 shares of Apple, a year ago you'd probably be able to buy 10, when Facebook comes out you might be able to purchase it but we don't know the price yet." While Facebook may be risky, the Apple advice may pay off. According to Thomson Reuters data, Wall Street has a high price target of $910 a share, at current levels that would make a 50 percent return. SOUNDBITE: GARY SCHATSKY, PRESIDENT, OBJECTIVEADVICE.COM (ENGLISH) SAYING: "The only thing that's truly fun might be a trip, a vacation, some clothing, something you've denied yourself." Other options: splurge for 2 VIP tickets to a Madonna concert at Yankee stadium for 3-grand....buy 600 Mocha Frappuchinos at Starbucks, or pick up 3,000 Mega Millions tickets and cross your fingers. STANDUP: JILL BENNETT, REUTERS (ENGLISH) SAYING: "If you are looking to spend that $3,000 tax refund check in a matter of hours you can rent a 250 seat theater at AMC Empire Theater in New York City. The seats are $13 a pop." You will pay extra for the popcorn, but you may need it if you are watching the blockbuster hit "Hunger Games" in your private theater, or if a trio of knuckleheads is more your speed - the "Three Stooges" movie opens this weekend. If you need transportation to get to the movie theater...the Nano from Tata Motors, one of the smallest and cheapest cars in the world, will set you back about 3-grand. But, you'll need next year's tax refund to ship it back from India. Jill Bennett, Reuters

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Fun ways to make tax refunds count

Friday, April 13, 2012 - 02:12

Top News »

Most Popular »

Retirement »

Throw out the 60-40 rule for retirement investing? Throw out the 60-40 rule for retirement...

Wed, Oct 22, 2014 - (2:05)

Back to work- in retirement Back to work- in retirement

Wed, Oct 15, 2014 - (2:09)

Investing 201 »

Bond investors brace for the end of Fed stimulus Bond investors brace for the end of Fed...

Fri, Oct 10, 2014 - (4:03)

Arian Foster = BlackBerry? Arian Foster = BlackBerry?

Fri, Oct 25, 2013 - (3:16)

Don’t miss these red flags for IPOs Don’t miss these red flags for IPOs

Thu, Oct 10, 2013 - (2:34)

Copycat currency trading Copycat currency trading

Wed, Oct 02, 2013 - (2:28)

When to dump a winner When to dump a winner

Tue, Sep 24, 2013 - (1:55)

Where gold might again attract Jim Rogers Where gold might again attract Jim Rogers

Thu, Sep 19, 2013 - (2:05)

Why savings interest rates won't budge Why savings interest rates won't budge

Fri, Sep 13, 2013 - (2:09)

Buy local? ETFs try the trend Buy local? ETFs try the trend

Thu, Sep 05, 2013 - (2:42)

Money Clip »

Will Apple Pay transform mobile payments? Will Apple Pay transform mobile payments?

Thu, Oct 16, 2014 - (2:45)

3 things to do before disaster strikes 3 things to do before disaster strikes

Wed, Sep 18, 2013 - (1:39)

Your must-do money list Your must-do money list

Wed, Sep 11, 2013 - (1:24)

The worst "best" financial advice The worst "best" financial advice

Wed, Sep 04, 2013 - (1:42)

Forget gold: The case for REITs Forget gold: The case for REITs

Fri, Apr 26, 2013 - (1:19)

3 rules for buying a house now 3 rules for buying a house now

Thu, Apr 18, 2013 - (1:39)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Dance of the northern lights Dance of the northern lights

Mon, Oct 20, 2014 - (1:08)

Images of September Images of September

Wed, Oct 01, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, Sep 05, 2014 - (2:05)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)