How Form 2220 Refund 2024-2025

Welcome to this session of big tax refund or breaking even. Now, what I want to talk about in this session is the question I get asked often as a tax professional – is it better to get a big tax refund or is it better to break even? Well, first I want to say that there is no right or wrong. There's no right and no wrong to that particular question. A lot of times when people talk to me about this, especially those that are on the side of breaking even, they have a tendency to say, "Well, why would I want the government to hold my money?" Almost making it seem as if people getting big tax refunds are doing something wrong. And that's not what I want anybody listening to this to particularly take away from this. For instance, let's look at a scenario and I just want you to kind of play along with me. We'll role play together. If we're out at a restaurant, for instance, and we go to a burger place like Islands, the bill comes in seven dollars. I throw in a tip for three dollars, the bill comes to a total of ten. I give the waitress or waiter twenty. What am I expecting to happen next? Well, at some point, I'm expecting my refund to come back. I'm expecting some change from my twenty – a ten-dollar bill. That's not anything that I’m going to be happy about or feel like the waitress did me a favor. I'm expecting a ten-dollar refund to come back or ten dollars in change. That is an analogy or an example of getting back a big tax refund. The flip side of that is, follow me here, a lot of times people get excited about getting...