Tax season perks: How Americans are spending their tax refund -, GA News Weather & Sports

Tax season perks: How Americans are spending their tax refunds


As Americans begin filing their taxes, many are getting the refunds they hoped for. Some are using the extra money to pay off debt, others are saving it for later, and others are purchasing new shoes, clothes and event tattoos.

While filing tax forms can be a pain in the neck, tax payers love the result when it is a nice refund.

"Tax payers who are getting a refund will file their forms right after Jan. 31," said Murray Solomon with Raymond James Financial Services. "The busiest time is shortly after Jan. 31 for tax payers. February is also hectic, and it cools down until the end of March and beginning of April."

According to TD Ameritrade, about 18 percent of Americans who get tax refunds spend the money to pay off their debt and loans. On the other hand, 19 percent will spend their money on non-essential items. Tax payers in mid 20s to late 30s will save their refund instead of spending it. However, according to Solomon, most people will still spend their money right away instead of saving it.

"A majority of us will spend it," Solomon said. "People will buy a car or a new television instead of putting it in their retirement plan, since the money is available."

Royal Anchor Tattoo Parlour on Victory Dr. expects to serve a large number of customers from February to mid-April during tax season.

Vincent Sanchez with Royal Anchor Tattoo said tattoos are expensive. This is why most people wait for their tax refund money in order to get a new one.

"Our base cost is 50 dollars," Sanchez said. "We see many customers spend thousands of dollars when getting a sleeve or large tattoos. People often come with friends as well, so often times more than one person will get tattoos at the same time."

Sanchez said warm weather also seems to play an important role in their increase of customers. As people put away their winter clothes, tattoo lovers think about adding permanent art onto their arms or backs to show off for summer.

"We are always busy," Sanchez said. "But I think we see a slight increase in number of people we serve during tax season."

Big Dog Running Company said warmer weather also plays a huge role for runners.

"Many people didn't run outside or exercise at all during winter, but they are ready now," said Vikena Yutz with Bid Dog Running Company.

"Those who care about their health will want to spend their extra cash on new shoes and running clothes. Warm weather also motivates people to spend money on exercise gears as well," says Yutz.

Running shoes and shorts are popular purchases during the tax season.

"Marathons, track and other activities are on our to-do list," Yutz said.

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