Why You Shouldn’t Be Planning on a Big Refund

Why You Shouldn’t Be Planning on a Big Refund

Most people love tax time for one thing: a big refund. Of course, there’s not much else to love about it. But things are a little different this year. Those big tax refunds people are used to getting are not showing up. So far, the average refund is down by 8 percent this tax season. So why the change? 

The reality is most taxpayers have been receiving more income all year long, via larger paychecks. But many people haven’t really noticed. The truth is whether the money comes all in one chunk or little by little most taxpayers have seen their tax bill go down this year. 

However, even if you do still get a large refund, the fact is you’re doing it wrong. In most cases, getting a large refund means you’ve overpaid the government all year and they’ve been using your money.  

Ideally, it’s better to get a small refund, or no refund at all. That means you’ve had access to your money all year long.  

It’s still early in the tax season and bigger refunds could still be coming. But if the early signs are any indication, many taxpayers will be disappointed at the size of their refunds. But remember, a small refund is not necessarily a bad thing. 

 

We hope you found this article about “Why You Shouldn’t Be Planning on a Big Refund” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.