TROY — Tax season is here and already 30 million people have done their taxes, with about half receiving a refund. On average, tax returns are up about 14 percent to around $2,500.
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Rob Burnette, CEO and financial planner for Outlook Financial Center in Troy, said that the tax return increase is specific.
“It’s not an across-the-board thing,” he added.
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Several changes to this tax season could increase a tax return, including the Child Tax Credit indexed for inflation, an extra deduction for seniors ages 65 and older, and no tax on tips or overtime.
“I always advocate people should have a plan for any kind of windfall,” Burnette said.
If you’re getting a tax refund, Burnette said you should plan out exactly how you’ll spend it.
“I still have this credit card debt; I still have this student loan debt; I’m trying to save for (a) house - whatever that plan is. When you get those kinds of things you already know, here’s how I’m going to spend it,” he said. “And save a piece of it for lifestyle, you know, you got to live.”
Burnett told News Center 7 that he actually prefers not having a tax refund.
“I always tell people, the perfect planning for taxes is to owe the IRS $50 and make them wait ‘til April 15 to get it. That’s just me,” he said.
He said he views a tax refund as just an interest-free loan to the government. He suggested people adjust their withholdings to have more money in their pockets each month and a very little refund.
“A lot of people use that tax return because they’re trying to get caught up. Well, let’s not play catch-up,” he added.
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