I got a huge refund last year. Can I expect the same this year?

By Jason Watson (Google+)

Trick question.  The amount of refund (or in some cases tax owed) is largely dependent on tax withholdings throughout the tax year in addition to various one-time tax credits.  Yes, we maximize your deductions. Yes, we ensure that you are claiming everything you are entitled to.  Yes, we make certain you are falling within industry guidelines. No, we are not magicians or wizards.

Often the satisfaction with your tax return (and directly your tax accountant or us) is tethered to the amount of your tax refund. This is human nature. However, WCG (formerly Watson CPA Group) prides ourselves in delivering a quality tax return- one that is comprehensive and can reasonably withstand scrutiny.

Having said that, we typically address this question with another question- What are your goals with your tax refund?  Large, small, break-even?  Pay for the vacation?  We can assist you with tax planning at no additional charge- please contact us for more information.

The IRS website is also helpful (don’t laugh), and has an online application to calculate future tax liability and refunds.  Go to-

www.irs.gov/Individuals/IRS-Withholding-Calculator