(04/14/2010) As we approach the deadline for filing 2009 taxes, many of us already have plans for our money. You may plan to use your tax refunds to take a much needed vacation, purchase a new vehicle or to pay off some debt but why not use your money to make more money? Here are five ways in which your tax refund can work for you.

Home Improvements
Making home improvements is a smart way to use your tax dollars. Not only does it increase the value of your home but it will also assist with the sale of a home that’s currently on the market.

Closing Costs
Were you interested in refinancing your current mortgage to one with a lower rate? If so, your tax refund can serve as a great way to pay for closing costs!  Check online rate tables to find the lowest refinance rates.

Open a Money Market Account
Since your tax money usually comes in a lump sum, placing some or all of your funds in a money market account may be a wise idea.  Money market accounts generally pay higher interest thus giving you a better return on your investment.

Retirement
Retirement is a long term goal for most Americans. Preparing for retirement, however, is not a priority for many. Use your tax money to open an IRA with the financial institution of your choice and begin preparing for your future.

Purchase a Certificate of Deposit
Certificates of deposit (CDs) are a great investment because they are low risk, can be used to secure loans and they earn interest. Do your research, find the best rates, and put your tax refund into a CD.

Regardless of which method you choose, one or all of the above are excellent ways to make your tax refund work for you. Shopping online for the most competitive interest rates is a convenient way to find a lender who will provide what you are seeking.

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