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If you're getting a tax refund, something is radically wrong: Suze Orman

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Personal finance expert, Suze Orman joins 'Influencers with Andy Serwer' to share her tips for tax season.

Video Transcript

ANDY SERWER: Hey, it's tax season. Anything different this year? And how can people get the best returns?

SUZY ORMAN: It's interesting is that taxes are taxes. And the main thing is I would still tell people if you're getting a tax refund, something's radically wrong because you're still, even though interest rates are so low, you're still allowing the government to have an interest free loan on your money for a year. And if you really look forward to that refund every single year as like, oh my God. Look at this. I have all this money now.

That also says to me that you needed that money during the year, an extra-- because the average refunds can be $2,500 a year, an extra $200 a month that you could have taken and put into your Roth IRA if you qualified for it income wise, and dollar cost averaged into the markets, whether it was via slices, or an index fund, or whatever, would have returned far better for you than money to just sit there with the government.

Other than that, I don't have a lot to say about taxes. However, except this for this year. Given that the stimulus checks will be based on either your 2019 or 2020 income tax, and there will be an income limitation, you're going to have to decide should you file your 220? Should you not? Should you do it off of your 219? Or if you made less this year than last year, then file your taxes right away because you would qualify then possibly for the stimulus.

And just make sure that the government has your information via your tax returns and everything. Because you're going to be the first people that they send the money to directly into your account. And it's those people that qualify for the stimulus but don't file a tax return for whatever reason, that they don't have your direct deposit information, you might not get your stimulus even though you need it for months from now.

Other than that, there's not a lot for me to say about taxes. Taxes are taxes. They're always going to be taxes. Just pay them, people.