When all is said and done, the average American should see an income tax refund of $2,250, which is about what they got last year, according to the Internal Revenue Service.

Many Americans see their refund as a financial windfall. Factor in the hundreds of dollars in rebate checks due to households in May, and the windfall becomes more substantial.

What you choose to do with your money is up to you, of course.

WOW NOW: Disney cruise: A three-day Disney cruise in the Bahamas for Mom, Dad and two kids runs between $2,300 and $3,500, depending on the season and the location of the cabin.

FINANCIAL RETURNS: Pay off credit card: Using the refund to pay off a $2,250 balance on a credit card can save hundreds of dollars in interest. Making the minimum payment on that debt with an 18 percent interest rate could take a decade to pay off and cost $1,100 in interest, said Jeff Fehrman, an investment adviser for SunTrust.

WOW NOW: Television: A 60-inch Vizio plasma HD TV carries a manufacturer's suggested retail price of $2,499 but can be found for less from online retailers.

FINANCIAL RETURNS: Start an emergency fund: "I would suggest if you don't have an emergency fund, setting up a money market for spare cash on hand for emergencies," Mr. Fehrman said. An emergency fund usually is large enough to cover three to six months of expenses.

WOW NOW: New car: This 2008 Saturn Vue retails for $21,250. A $2,250 down payment with no trade-in will get you a 12,000-miles-a-year, 48-month lease for about $325 a month.

FINANCIAL RETURNS: Retirement savings: "If you're not participating in a 401(k), certainly setting up an IRA will perpetuate the savings," Mr. Fehrman said. With a rate of return of 8 percent, that $2,250 in a Roth IRA will turn into $22,000 after 30 years.

WOW NOW: Billiard table: An 8-foot hand-crafted maple or oak billiard table with leather pouches and accessories can be found for $1,999 to $2,199 at local and online retailers.

FINANCIAL RETURNS: A child's education: Investing $2,250 in a 529 college savings plan for a toddler can grow to $7,000 in tax-free college money 16 years later. The effectiveness, Mr. Fehrman said, is the timing and how aggressive the savings are: "It is a great use of the money, though."