Just when you get sick of Santa Claus in every ad…here comes Uncle Sam and April 15.
This year, more than ever, I’ve seen a huge marketing push for the BIG REFUND. If you go to this tax preparer, they promise a huge refund….If you go to another preparer, they have a contest that you can win double your refund…etc…etc.
The thing is…a good tax preparer makes sure you DONT get a refund.
If you get a BIG refund, it means that you gave the government a BIG interest-free loan with your money. Money that you could have used to invest or just spend. A good tax advisor should work with clients to have the correct amount withheld or quarterlies paid throughout the year so that there is only a small amount to deal with at the end. (refund or payment)
But, in the US, it’s a public lie that the big refund is a good thing. So in the meantime, H&R Block, TurboTax, and all the paycheck cashing ripoffs continue to market to the ignorance of the masses. Sadly, it’s good marketing because it plays to the beliefs of the audience.