Choose Wisely

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It’s tax time.  No, I really won’t be talking about the rules this time.  Just about who does your taxes.

Let’s be honest.  If you are mathematically capable, have one or two jobs (which means one or two W-2’s), then doing taxes yourself makes perfect sense.  Oh.  It also makes cents- if not bucks!

But, when you have a business, you rent out part of your home (or a second home), commute between multiple jobs, play the stock market (that means many trades), moved, worked overseas- anything that is less than a simple 1040 and a Schedule A (itemized deductions), you probably should seek out a professional.  Because a professional will save you money- more than the cost of their preparation fees, to boot.

Now, if you are a shoebox lover (that means all your receipts are disorganized and not in an accounting system), your costs are going to be higher.  But, then, again, you won’t have to spend two, three, or even 20 hours coalescing that mess into some semblance of tax-capable format.

But, you need to find a capable someone.  I’ve picked up plenty of clients who got their XXXes in a sling because the tax advisor (sic) they thought they hired turned out to be anything but.  I’ve even had one family provide me with their tax return (as they thought it had been filed) and the letter from the IRS demanding explanation and documentation.  Except the tax return the provider gave them had vastly different information than the one supplied the IRS.   So, there were a lot of explanations that had to be made.

Paid Preparer or Professional...

Now, that provider haas been barred for life from putting her name on a tax return.  The problem is that means nothing. Because I’ve seen those folks still ‘helping’ other folks (read: victims) and just not putting their names on the bottom of the tax return.  Telling the citizens that they really aren’t charging them much, and they can’t be bothered with follow-up- or may be out of town after the tax season is over and won’t be reachable.  (Tell me again why you would agree to such help…  The only reason I know is that both you and they intend to defraud the IRS- and our country.)

But, it’s not just the IRS that is finding fraudulent providers.  Just a few weeks ago, the State of Maryland directed the suspension of 11 preparers in the DC/MD/VA area.  (This area has a lot of folks who cross state/local boundaries for work and play.  It’s kind of like the NY Metropolitan region.)  And, that’s right after they “debarred”  23 Liberty Tax franchises and 3 more providers the week before.

The problem is that these folks can still claim to do your federal taxes.

Enrolled Agents

The solution?  Seek out a professional.  One whose been tested (and passed those tests), proving their capabilities and expertise.  Folks who have ethics requirements as part of their license or registration.

Yes, we’re available.  And, we have secure sites where you can upload your documents- and where we place your tax returns.  Where only YOU have the password to access your portion of the site.

Caveat emptor.

 

 

  • Business Tax returns are due March 15th this year.
  • Personal Tax returns are due April 18th this year.

(Because of weekends and holidays, the personal deadline is a little later this year.)

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