Filing your return and paying the IRS any money owed are two separate events, said Rob Burnette, CEO and financial advisor at Outlook Financial Center in Troy, Ohio, and a registered tax preparer with the IRS.
"They come in two flavors — refundable and non-refundable," says Rob Burnette, a financial advisor at Outlook Financial Center.
“Retirement income is normally taxed as ordinary income at the federal level, just like when you are working and receiving a W-2,” says Rob Burnette, CEO, financial advisor and professional tax preparer at Outlook Financial Center.
“Social Security recipients are going to lose a portion of their increase to taxes, and some will be paying taxes on their benefits for the first time,” says Rob Burnette, CEO and financial advisor at Outlook Financial Center in Troy, Ohio.
“In other words, sell Pepsi and buy Coke,” said Rob Burnette, CEO at Outlook Financial Center, in Troy, Ohio.
"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.