Gary Watts, CFP®, EA | Source | Vice President, Financial Advisor at Wealth Enhancement Group
Gary Watts, CFP®, EA
Gary is a Certified Financial Planner™, Enrolled Agent and Certified Tax Coach who works at the InConcert Napa Valley Team of the Wealth Enhancement Group in Walnut Creek & St. Helena, CA. He specializes in helping equity recipients (RS/RSU, ISO, ESPP) in the Bay Area's tech firms. As a Certified Tax Coach with the American Institute of Certified Tax Planners, Gary is part of a community of tax professionals dedicated to help their clients achieve success and security by overcoming their biggest financial obstacle.
Proactive tax strategies can be used to reduce and management potential taxes on capital gains & income. Tax planning is very different from tax preparation.
Gary is also a Distinguished Toastmaster with Toastmasters International.
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Wealth Enhancement Group (https://www.wealthenhancement.com)
Vice President, Financial Advisor
started Jul 2022 -
Watts Advisor Tax Planning (http://www.WattsAdvisor.com)
Owner
started Jan 2022 -
Frontier Wealth Strategies, LP (http://www.FrontierWealthStrategies.com)
Wealth Advisor & Tax Planner
Oct 2017 – Jul 2022
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Once you get it back, you get a chance to decide how to best put that money to use, such as paying down debt or investing for your future. But some people use their tax refunds to spend frivolously, as Gary Watts, vice president at Wealth Enhancement Group, has seen.
A Trip to Vegas?
Watts, a CFP and financial advisor, has seen some clients make some big mistakes with their tax refunds, particularly when it comes to spending money on travel when there are more pressing financial matters — if not personal matters — at hand.“I’m aware of at least one person who used their refund for a trip to Las Vegas instead of paying down their considerable credit card debt,” he said. “I suspected that they had gambling and other addiction problems. That was hard to see.”
Watts said, “More than a few taxpayers have closed their bank account and moved because of a divorce, which caused their refund to be seriously delayed.”
Even if you haven’t had a big change like a divorce, you want to double-check that you include the right information in your tax filing to ensure prompt receipt of your tax refund.
“Taxpayers should make sure that their direct deposit information is up to date and correct on their 1040,” Watts said. “If the bank can’t deposit the refund into an open account, they will return it to the IRS. Then the IRS will mail the refund to the last address of record for the taxpayer, which could delay the refunds by up to 10 weeks.”
https://www.gobankingrates.com/taxes/refunds/tax-expert-worst-mistake-seen-someone-make-with-refund/
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“I do agree with the premise that how you use your money is important. Just having billions of dollars on a ‘score card’ doesn’t make much sense, but using your money like Bill Gates or Warren Buffett to make the world a better place is admirable. You also don’t have to be a billionaire to do that,” said Gary Watts, VP and financial advisor at Wealth Enhancement Group.
