8. Just Save It (For Now)<\/strong><\/h2>\n\n\n\n

Maybe you don\u2019t have a really great idea for reinvesting your tax return into your business right now. That\u2019s okay! Something will come eventually.<\/p>\n\n\n\n

If you want to be ready when that opportunity does<\/em> come, then consider just putting your tax return in the bank for now.<\/p>\n\n\n\n

Sure, you\u2019re not making an immediate investment in your business, but you\u2019re leaving the door wide open for when you need to hire that next great freelancer, sign up for that next great software, or attend that perfect event.<\/p>\n\n\n\n

What NOT to do with your tax return<\/strong><\/h2>\n\n\n\n

Finally, let\u2019s consider a few things you shouldn\u2019t<\/em> do with your tax return. Some of these might be tempting, but they\u2019ll offer little-to-no return on your investment.<\/p>\n\n\n\n

You\u2019ll find it\u2019s wasted in a fleeting moment, and soon you\u2019ll have nothing to show for the extra cash you got in your tax return.<\/p>\n\n\n\n

• Don\u2019t just pocket the money personally. While it may be a good idea to put the money in the bank for a later investment, avoid the temptation to just pocket the money yourself and pad your personal checking account.<\/strong><\/li>
• Don\u2019t put it in a locked investment. You might wonder if putting your tax return in a \u201chigh interest\u201d CD or similar account is a smart move. But these kinds of accounts rarely give you more than 1 or 2 percent back on your investment\u2014and that\u2019s often over the course of a year or more. You can make way more back with your money by investing in your own company.<\/strong><\/li><\/ul>\n\n\n\n

  Next Steps After Reinvesting Your Tax Return<\/strong><\/h2>\n\n\n\n

  Now that we\u2019ve explored a few ways to reinvest your tax return into your business, consider speaking with your team, your partner, your spouse, or another trusted person to make a final decision on where to best invest your funds.<\/p>\n\n\n\n

  Often, when we\u2019re not quite so close to the question, the answer is much more clear.<\/p>\n\n\n\n

  If you’re worried you don’t know which direction to take, consider\u00a0hiring a business consultant\u00a0who can walk you through a few quality scenarios.<\/p>\n\n\n\n

  Above all, choose to be grateful you received a refund to invest back into your business. It\u2019s a luxury not all small business owners have. And deciding what to do with it can be fun and exciting.<\/p>\n\n\n\n

  \u200d<\/p>\n","protected":false},"excerpt":{"rendered":"

  For many people,\u00a0tax return season\u00a0is seen as a time to splurge on a new TV or furniture. But smart business owners know that it\u2019s much wiser to reinvest your tax return into your business each year\u2014a choice that will yield financial dividends for much longer than a splurge purchase. If you wouldn\u2019t have splurged on […]<\/p>\n","protected":false},"author":7,"featured_media":3626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[289],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/posts\/3625"}],"collection":[{"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/comments?post=3625"}],"version-history":[{"count":1,"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/posts\/3625\/revisions"}],"predecessor-version":[{"id":3627,"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/posts\/3625\/revisions\/3627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/media\/3626"}],"wp:attachment":[{"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/media?parent=3625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/categories?post=3625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ndiwano.com\/wp-json\/wp\/v2\/tags?post=3625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}