Here are some things to do with money from a bonus or tax return

Here are some things to do with money from a bonus or tax returnHere are some things to do with money from a bonus or tax returnIts officially tax seasonJan. 29 marked the first day you could file your tax return to the IRS.Lauren Lyons Cole, a certified financial planner and senior editor at Business Insider, writes in the publication that you should receive all your tax documents by early February.Before you file your taxes, youll need to collect all your 2017 tax documents. If youre an employee, that means your W-2 if youre a freelancer, you may have multiple 1099 forms, Cole writes. In some cases, you may have other statements, such as income earned from an interest-bearing savings account or interest paid on a loan, or even taxable bitcoin gains.But while some lucky employees might not have to wait for a refund - some companies have been handing out bonuses as a result of the tax overhaul - the question still remains How should the money be allocated?Here are some things you c an do with any extra cash you receive from a tax return or a bonus.Set up an emergency fundRecent Bankrate research found that if someone was hit with a bill of $1,000 that wasnt planned for (like for an emergency room visit or car repair,) 39 percent of Americans would have to use their savings to pay it off. Another 19 percent would finance with credit card, pay off over time and 13% would cut back how much they spent in other areas.Take that as your cue Use some of the money to abflug an emergency fund oras Bankrate suggests, do things like automate the process to put some away every month.Learn something newSabah Karimi, the digital marketing copywriter and content writer behindFusion Copywriting, writes in U.S. News World Report that you could invest in your education or professional skills with a tax return or bonus.If you want to perform better at work or youre eager to earn a raise this year (and a bigger holiday bonus), consider polishing up your skills or going back to sc hool. You might choose to spend your holiday bonus on an online certification course, a university program or even a noncredit course at a local community college, she writes. Youll increase your skills and your knowledge while making yourself more valuable to your employer. Investing in your education and professional skills could give you additional earning power and help you build up your resume for the next hop up the career ladder.Put more money away for retirementIts never too late, or a bad idea, to stash away more cash.Kathleen Elkins, a writer for CNBC Make It, writes on the site that you should beef up your 401(k).Ideally youre already putting money into your 401(k) retirement account if you have the option, but, if possible, youll also want to get in the habit of increasing your contributions consistently. A bonus is a great opportunity to do so, she writes.