If there’s anything to like about income tax season, it’s the potential to get a nice fat check from Uncle Sam in the form of an income tax refund. And if we overlook (for just a moment) that your refund was always your money, then the bigger the better, right?
This extra income can reduce the level of stress that comes with every day’s routine, many people use their tax refund to purchase new items, like things they need for the house, services, products, vacations, some even a new car etc…
How are you planning on using your tax return?
We want to encourage you to at least start your emergency fund if you don’t have one. Using your tax return for your emergency fund will protect you from those rainy days, and it will give you the peace of mind to focus on all other areas of your life specially that one of paying off debt, saving for your kids college education and even saving for retirement.
But if you really want to maximize your refund this year, you need to work with a tax pro to file your taxes. Here’s why:
In a survey of 2,000 taxpayers, we found that people who file their own taxes get an average refund of $1,824. That’s not bad, right?
Well, get ready for a heart breaker. We wish it was all good news but
People who worked with a tax expert to file their taxes received an average refund of $2,615! That’s $840 more than the average self-filer!
There are plenty of reasons why working with a pro can result in a higher refund, but it mostly boils down to tax know-how. An experienced tax professional can keep you from making the mistakes that cost millions of taxpayers nearly $1 billion in overpaid taxes every year.
The benefits of working with a professional aren’t all about the size of your refund check. You’ll save yourself the 13 hours the average self-filer spends researching the tax code, gathering documents, and filling out forms by having trusted professional do it for you get the most of your return and invest it wisely. At the end of the day you should do what’s convenient for you, but do seriously consider building your emergency fund right now.