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National Social Security Advisor at the AMAC Foundation

Most of us probably don’t enjoy preparing our taxes, but there’s often a reward at the end — a tax refund. If you get a refund this year, how can you make the best use of it? Of course, the answer depends somewhat on the size of your refund. Last year, the average tax refund was $3,050, according to the Internal Revenue Service. Whatever the size of your refund, though, you’ll want to maximize its benefit. Here are a few suggestions: Contribute to your IRA. If you were to receive about $3,000, it would go a long way toward funding your IRA for the year — but any amount would help. You still have until April 15, 2025, to contribute to your IRA for the 2024 tax year, but if you’ve already “maxed out” on it, you could use your refund for 2025. The annual contribution limit for a traditional and Roth IRA remains $7,000, or $8,000 if you’re age 50 or older. And by getting an early start toward fully funding your IRA, you can reduce the pressure of having to come up with large amounts later in the year.

On Saturday Jan. 28, the OHS CX Debate team traveled to Midway High School in Waco to compete in an invitational meet. Competing against various 3A, 4A, and 5A schools, the teams from Olney still placed high among the ranks.