Tax time: 5 smart and dumb things to do with your refund

(FOX News) - For many people, tax season can feel a lot like Christmas morning.

With more than 70% of U.S. taxpayers expecting to receive some sort of refund this year, according to IRS, that means Americans have essentially three choices to make with the extra cash on hand: save it, spend it or pay down debt.

Chris Whitlow, CEO of Edukate, a workplace financial wellness website, says Americans need to think outside the box and use their newfound cash wisely and avoid dumb mistakes to make a positive impact on their financial future.

"A tax refund feels great when it arrives in your bank account, but without a plan for what to do with it, you're less likely to put it to good use," Whitlow tells FOX Business.

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