05/10/2013 01:52 pm ET Updated Dec 06, 2017

IRS Refunds, Easy Spending Money for Most Americans

The end of tax season is the biggest financial event of the year, claim 75% of Americans, as they anticipate a refund of their hard-earned money after filing their taxes. However, only 37% of tax payers choose to invest their savings or use it to repair their finances, while the majority of Americans plan to use the extra money to buy electronics, furniture, and clothes according to a recent study from TurboTax.

The report reveals that more than half of the surveyed plan to purchase consumer electronics, 47% hope to buy furniture and home goods, and 34% will shop for clothing. Travel and vacations are also on the shopping list of 23% of taxpayers, while 18% plan to spend it dining out and 6% will go to concerts and events. The refund money is also spent on books and DVDs, jewelry, toys, spa services and fitness memberships.

Here's the complete look at what TurboTax's study revealed: