The typical U.S. taxpayer will receive roughly $3,000 in federal income tax refunds this year — an average of $250 per month. So, what would you do with an extra $250 monthly? This segment from NBC’s The Today Show offers some advice.

Whether you’ve already filed your annual taxes for 2011, filed an extension, or will squeak by on the deadline, you could probably be doing more with your taxes. The above video shares some tips. It’s four minutes of solid insight on tax refunds, tax withholding, and reducing your household’s overall “bad debt”. There’s something for everyone.

Among the points covered in the tax refund piece :

• Consider changing your personal payroll exemptions so your 2012 refund is $0
• Remember that refunds are not “free money” — it’s your money. Spend wisely.
• Use your tax refund to fund retirement accounts

Advice is also shared about how to use your tax refund to fund a reserve account, or emergency fund. As a homeowner or home buyer in Sacramento , applying tax refunds to a savings accounts in this way can go a long way. When you’re a homeowner, maintenance costs can be sudden and unexpected. A furnace can explode, for example; or, a roof could spring a leak. Having money set aside for crisis is essential.

Having a savings account will also improve your household’s long-term financial stability.

As a reminder, in most years, federal income tax is due April 15. However, with Tax Day falling on a Sunday and with the federal government closed for a holiday the following Monday, U.S. taxpayers in California and nationwide get a reprieve until Tuesday, April 17, 2012.

Also, for those of you who may be looking for that down payment on a new home, this return might be what you have been waiting for to take that leap from renting to buying. With rates as low as they are and the weather getting better, I suspect my phone will be ringing more after tax day….