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Tax Tip: Don't go chasing a big refund check

Fox 4 is giving you five Tax tips to help you file this season
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Tax Tip: Don't go chasing a big refund check
Posted at 8:27 AM, Feb 18, 2021
and last updated 2021-02-18 08:27:06-05

Fox 4 wants to make sure you're ready to file your taxes before the April 15th deadline. We're sharing some tax tips, with the help of Adam Bruno from Evolution Retirement Services and Wealth Management.

Our fourth tax tip: Bruno said don't go chasing a big refund.

"Don't go out of your way so that you get a bigger refund, so that you cut yourself short during the year. And we see it all the time: people will claim zero and they have two or three kids, and they get this great big refund check. Well, it's great to get a big refund check, but you don't want to cut yourself short during the year," Bruno said.

He said when you do that, the IRS is the one winning, not you, because it's making interest on your money.

"You should really have a plan for how many people you're going to claim, and sit down with a CPA and plan out those deductions, as far as what you're claiming what your allowances are," Bruno said.