Category: Taxes
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The true cost of tax preparation software
My credit union ran an advertisement for TurboTax software offering a discount of “up to $20” on the purchase price of the more expensive versions. Yet most people know that the cost of software is only a small portion of the total cost for people who choose to file their taxes using this approach. Intuit,…
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Do I need to file a 2015 federal income tax return?
This is a simple question but much like the rest of our tax law, the answer is complicated. In addition, you may likely want to file a tax return in a number of circumstances even if you are not required to do so. Kelly Erb does a great job in explaining this topic in Forbes and…
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Personal principles of tax preparation work
I have these four personal beliefs or principles that guide my tax preparation work. Publishing these as “beliefs” here does not mean that they reflect current realities in the industry. Tax preparation fees should be bench-marked in some manner simply because tax filing assistance is a service stemming from a government requirement that affects virtually everybody. Tax preparation…
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Self-prepared tax data hack shows risk in personal devices
The nation’s 3rd largest submitter of self-prepared income tax returns reports that data thieves stole customers’ financial information. The interesting part of this story is that the company, TaxAct, says the thieves stole the username and password data elsewhere (for example, hacking individual cell phones) and then used those legitimate log in credentials to gain…
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How to deal with an IRS penalty
The IRS issues about 50 million taxpayer penalties each year to the pool of about 100 million taxpayers who file returns. That would 1 out of every 2 filers if the penalties were evenly distributed! In reality, multiple penalties are bundled together and assessed against fewer taxpayers. Yet the number of automated tax penalty assessments for…
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“Watcha gonna do?” – Tax professionals look at ACA compliance
How should a tax preparer handle suspected ACA penalties for small businesses? This post is inspired by the recent frustration expressed by an accountant who is a Facebook friend. My friend commented on one of my posts that even after a substantial investment of his time to learn and apply provisions of the Affordable Care act,…
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Self-filing software leads to increase in audit representations
As the popularity of online self-prepared income tax filing grows – now approaching 50% of all tax filers – so does the incidence of tax evasion. Some of it is intentional effort to avoid paying taxes, other times just misunderstanding of complex tax laws. Tax practitioners like me are gradually seeing a shift of our work from income…
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Request a free 2015 tax organizer
Use the form below to request a free 2015 tax organizer designed to ensure that you don’t miss any deductions and that your tax refund processing is not delayed. A free telephone tax planning consult is available but not required.
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Plan now to avoid a delay in your tax refund
Use a personalized 2015 tax organizer to ensure your maximum tax refund without unnecessary delay. We are only a week away from the start of the federal income tax filing system on January 19. For many, the tax refund check represents a substantial “payday” and so naturally there is some rush to get the filing…