“Why is my refund smaller than my friend’s?” Dr. Friday explains why comparing tax results rarely helps—and what you should do instead.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
What can we do to save taxes? That’s the first thing most people ask when we’re working on their taxes. Nothing wrong with it—it’s a great question, I love it.
But you have to figure out that what advice I give you is based on your situation, because what happens often is they say, “Well, you know, my neighbor doesn’t pay this kind of money in taxes. My friend just did their taxes and they got this big refund and they’re making about the same as we are.”
One, most people never share exactly what they’re making. Two, you don’t know if they have losses—maybe they lost some money, maybe they have more children. You’re not sure what the situation is.
So if you really want to know how to save tax dollars, you need to make a tax appointment and let’s talk about your taxes.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.