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Tax Refunds on Record Pace: What Will You Do with Yours?

[Covestor]

Tax return check

It’s never fun paying taxes, but the good news is that many Americans will be receiving a bigger refund from Uncle Sam this year.

Of course, it’s tempting to go out and spend what seems like “found” money on a vacation or luxury item. Yet saving or investing that refund might be the wiser option.

About three out of four filers typically get refunds, and last year taxpayers received an average refund of $2,755, according to the IRS.

“Individual tax refunds are up 9% over last year and look set to break all-time records. As of the end of week 13 in 2014, Americans have received an incremental $17.6 billion back from the U.S. government over last year,” according to a note from ConvergEx Group.

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