TROY — The tax deadline is more than one month away.
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As reported on News Center 7 at 5:00, the IRS said over 53 million people have already filed their tax returns.
News Center 7 Consumer Reporter Xavier Hershovitz spoke with a local expert about some of the best ways people can use their refunds.
“I’m buried already, and it’s a good thing,” said Rob Burnette, CEO at Outlook Financial Center in Troy.
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Burnette told Hershovitz this is his “busy season,” and many of his clients have been getting their taxes done early.
“Turnaround. Federal is typically around three weeks. State of Ohio, slightly less than that,” explained Burnette.
The average tax refund is about six percent from last year, according to IRS data.
“What I encourage my clients is to have a plan for a tax refund,” said Burnette.
He says the first part of that plan should be tackling any debt.
“Especially high interest, credit card debt, go get rid of that,” he added.
Burnette told Hershovitz that you want to make sure you have some money tucked away for a rainy day.
“I can accelerate getting my emergency fund funded. Now, I can add to my retirement savings. That is all. It becomes a very positive cycle for people,” he said.
Hershovitz says the number one mistake Burnette sees people make with their tax return is a big impulse buy.
“Now I’ve incurred more debt. Have I really put myself in a better position? Have I used those funds wisely?” he asked.
But what if you don’t get a refund?
“I think that’s a great thing,” he said. “If you’re going to get a large tax refund, refund, first thing I tell my clients is, shame on you, because you just gave the government an interest-free loan, and then you had to go beg for it back.”
Burnette says no refund means more money in your hands throughout the year. It’s all about making the most of your money and your refund.
You have until April 15 to file your taxes.
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