You May Be Losing $800 of Your Tax Refund!

3 Minute Read

The official income-tax filing deadline is still a couple of months away, but if you’re anticipating a refund, you may already be eagerly awaiting the arrival of your tax forms so you can file early.

Of course, if you’re that excited about getting a refund, you’re probably considering every way possible to maximize it—including filing on your own to save on the fees you’d pay a tax pro. While that sounds like a great idea, and it could actually work under the right circumstances, you could actually lose hundreds of dollars on your tax refund by self-filing.

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According to a survey of Dave’s Facebook fans, folks who did their own taxes got a refund of about $1,800. That’s nothing to be disappointed about—until you discover that folks who had a tax professional prepare their taxes got a refund of more than $2,600! That’s an $800 difference!

What Can $800 Do for Your Budget?

Do you have $800 to spare? Before you answer that question, let’s put it in perspective. An extra $800 could pay for the average American to:

  • Eat out for four months or
  • Buy groceries for two and a half months or
  • Cover their clothing budget for nearly half the year or
  • Buy gasoline for four and a half months or
  • Cover three months of healthcare costs or
  • Fund their entertainment budget for four months.

Reach Your Goals Faster

You could also use that $800 to speed through the Baby Steps. How would it feel to be $800 closer to being debt-free or having your fully funded emergency fund? Maybe that $800 is the bump you need to get started saving for retirement or your kid’s college fund.

Seems like it’s worth the effort to work with a tax expert who will make sure you’re getting back every dollar you deserve. And while you’re at it, ask your tax pro to calculate the proper amount of withholding you need on your W-2 to avoid a large refund next year. That way you’ll have more money in your paycheck all year long!

Find a Tax Pro You Can Trust

You can find an experienced tax professional in your area through Dave’s Endorsed Local Provider (ELP) network. Your ELP is part of a group has earned Dave’s recommendation, and they have a 98% customers satisfaction rating from folks just like you. Find your ELP today!

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