10 Top Reasons Why It’s Time For You To Get A New Income Tax Preparer
Well, soon another new and exciting (Another Federal government shutdown, anyone?) income tax filing season will begin. And as visions of income tax refunds dance in your heads, it is a good time to think about who you will hire to prepare your income tax return next year.
From some of you, it’s a no-brainer: Your last preparer’s actions placed you on the IRS watch list which is akin to being on the world’s worst financial no-fly list.
Some of you though really don’t know whether you are in any danger of an audit which will make your hard-earned money leave your wallet. You aren’t aware of the many subtle ways you can find yourself in hot water with the taxing authorities, but you have this nagging ache in the pit of your stomach every time you sign your return. And the thought of taking a group picture in stir while doing 2-5 for tax fraud really doesn’t appeal to you.
So here at the Afternoon Show Before My Nap with your host, Eustace L. Greaves Jr., I thought this was a great time to check the 10 Top Reasons Why It’s Time For You To Get A New Income Tax Preparer!
Reason number 10:
You own and live in a two-family home. Your tenant pays you $12,000.00 in rent, and you have use of 75% of the house. Your tax preparer, knowing you need a big refund, depreciated the house at 100% and shows only $6,000.00 in rental income on your return.
Reason number 9:
You haven’t been to church, any church, in the last 20 years. Yet each year, your preparer says you can claim $10,000. For going to a Church named Church.
Reason number 8:
You receive certified, return receipted correspondence from the IRS. When you show it to your preparer, she smiles and tells you don’t worry, they just want to make sure you receive your thank you note.
Reason number 7:
You’re a receptionist at a medical center. You earn $30,000 each year. Your preparer, preparing Schedule A, gives you itemized deductions of $9,000.00 for uniforms, $3,000.00 for educational seminars, and $2,000.00 for business-related travel.
Reason number 6:
Lost your 1099 Int and 1099 Div forms? “No worries”, says your preparer. “The IRS doesn’t worry about interest or dividends under $75.”
Reason number 5:
Your return shows three (3) brand-new dependents you’ve never met.
Reason number 4:
Your preparer guarantees you everyone qualifies for the Earned Income Tax Credit. “You earned an income last year, didn’t you?”
Reason number 3:
You ask your preparer if they have a PTIN and they tell you they’ve never liked certain foreign sports cars.
Reason number 2:
Your preparer relocates each year. Luckily you find them. Again.
And now the number one reason Why It’s Time For You To Get A New Income Tax Preparer is:
Your preparer tells you, “Don’t worry, my system never fails. I know how to get you the best refund you’ve ever gotten.”
Thanks for reading. And just in case you don’t understand why these are bad things, you can watch this blog for more information, give me a call at 718-783-2722 or send me an email at Eustace@insuremeeg.com.
Eustace L. Greaves Jr., is a business owner who provides integrated insurance and income tax strategies and solutions for his clients. He does, however, hate telling you your last tax preparer’s errors have you owing the IRS really big money.