To answer your questions about RMDs, Barron’s spoke with Steven Denton, wealth manager at Merit Financial Advisors, and Rob Burnette, chief executive and financial advisor at Outlook Financial Center.
"People would rather have their refund on time. If you've got $3,000 or $4,000 coming, an extra couple hundred bucks is not going to do much," said Rob Burnette, a financial adviser and CEO of Outlook Financial Center in Troy, Ohio.
To rebuild some financial security, Rob Burnette, a financial advisor and CEO of Outlook Financial Center based in Troy, Ohio, advises clients to start with a month-to-month financial plan, laying out income and expenses.
“If you can’t get a copy before the due date of the return, file an extension to get additional time,” said Rob Burnette, CEO, financial advisor and professional tax preparer at Outlook Financial Center in Troy, Ohio.
“The returns these [free online filling] programs are good for are taxpayers that have a single or married filing joint status, W-2 income only and take the standard deduction,” says Rob Burnette, financial advisor and professional tax preparer at Outlook Financial Center.
There are several complicated situations in which you may struggle to file taxes — e.g., if you own a small business or rental properties. Rob Burnette, CEO at Outlook Financial Center, said tax professionals may offer assistance for those.