Jenkins, Magnus, Volk, Carroll, P.C.

Certified Public Accountants


42714 Woodward Avenue  Bloomfield Hills, MI 48304


Phone: 248-858-2400

Fax:     248-858-7301 



April 2018

10 Smart Ways to Spend Tax Savings

Insights and Tips

How will you spend the extra money that the tax reform added to your take-home pay?
Consider the following smart choices:

  1. Pay down your highest-rate credit cards;

  2. Create or add to your emergency fund;

  3. Bump up your retirement plan contributions at work and through an IRA;

  4. If you have access to a Health Savings Account and qualify for one, contribute to it;

  5. Donate more to charity. New tax laws let you contribute more as a percentage of your income;

  6. Invest in yourself by taking classes to increase or add a job skill;

  7. Contribute to a 529 plan to help pay for your children’s and grandchildren’s education;

  8. Invest in technology that will make your tech tools more secure;

  9. Join a gym, because a healthier, fitter you may incur smaller healthcare bills;

  10. Take a break. It’s okay to take a vacation, and disconnect completely from work.


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