Personal finance expert: Here's what to do with the money you may save on taxes
The GOP tax bill would cut taxes for the majority of filers in 2018.
"The whole game of our tax returns is about to massively change in 2018," says David Bach, personal finance expert and New York Times bestselling author, "and many of you are actually going to save a fortune on your tax returns. The key is to make sure you take advantage of it and do it correctly."
For starters, this means not spending your tax refund mindlessly.
"When the government tells us that they're going to lower our taxes and we're going to get money back, what they really want us to do is go spend that money because they want the economy to go up," Bach tells CNBC Make It. "Here's what I want you to do: I want your economy to go up."
To do so, here are the three smartest things to do with your potential savings:
To get a better idea of whether or not you'll save on your tax returns — and if so, how much you'll save — plug your information into the New York Times' tax bill calculator.
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