March is here and it means it is Tax season’s last month.
The first two months are usually the busiest months with clients rushing to get their income taxes done for various reasons. From my own experience the clients that rush to file their tax returns are individuals that need the refund.
While the clients that wait are the ones that have a more structured and organized financial life and they tend to take their own time to file their personal and business tax returns.
I always will suggest my clients and everybody else of the best use of a tax return refund is to pay debt, credit cards, auto loans, student loans and mortgages. If you have no debt at all, then go ahead and save that refund for a rainy day, and then enjoy a portion of that tax refund.
It always make me sad to see a clients messy financial situation, some individuals can’t help, and they just but keep on getting on more and more debt and spending on every single penny that lands on their hands, including the tax refund. It saddens me even more when that messy tax payer have children.
In the bright side of March we have our loyal clients for over the past few years, but this year with our new office location in Culver City we are getting the locals and bystanders too, new clients and their tax situation always get us excited.