Tag: earned income tax credit

Income Tax Returns Aren’t Toilet Paper

“When did the preparation of income taxes become a commodity item carrying the same importance as a roll of toilet paper? What’s next, buy computer time and prepare your return yourself? The business of preparing income taxes is an important calling, and your choice of an income tax preparer should neither be based solely on how big a refund they promise to get you, (which is illegal, by the way), nor by how little they charge. Instead, ask your preparer the following questions:”

Income tax returns are not toilet paper.

Today, while driving through my home city of Brooklyn, NY, I passed the office of a national income tax preparation franchise. They had a sign outside their office that read, “$50.00 off your income tax return today!!”

Get Your Toilet Paper Here!

When did the preparation of income taxes become a commodity item carrying the same importance as a roll of toilet paper? What’s next, buy computer time and prepare your return yourself? The business of preparing income taxes is an important calling, and your choice of an income tax preparer should neither be based solely on how big a refund they promise to get you, (which is illegal, by the way), nor by how little they charge. Instead, ask your preparer the following questions:
  • How many CPE classes did you attend last year?
  • Which, if any, professional organizations do they belong to?
  • What percentage of the returns you prepare are audited each year?
  • Do they have a Federal PTIN?
  • Do they have a New York State Tax Preparer Certificate of Registration?
  • If they must relocate their office, how will they inform you of their new address?
  • For how many years have they prepared income taxes?
  • Are they aware of the EITC Due Diligence rules?
  • Will you sign my income tax return?
  • What is their Privacy Policy regarding the protection of your personal information?
  • Do they make up their own itemized deductions so you will receive a larger refund?
  • How many times have they been cited for filing fraudulent income tax returns?

Bottom line, stop worrying about today’s sale on income tax preparation. I’d be more concerned about the skills and professional manner of who is preparing my return.

In addition to providing his clients and seminar attendees (many of whom become his clients), with insurance and income tax strategies and solutions, Eustace L. Greaves Jr.,  also prepares income tax returns for over 150 of his clients annually. To contact Eustace L. Greaves Jr., about his insurance and income tax services, feel free to call him at 718-783-2722, or by email to [email protected].

10 Top Reasons It’s Time For You To Get A New Income Tax Preparer

So I thought this an opportune time to review my “10 Top Reasons It’s Time For You To Get A New Income Tax Preparer,” list. Then, in my next post, we’ll review why any of these reasons could definitely be a reason for a great deal less holiday joy for years to come.

Ah, the holidays, the holidays…

The leftover Thanksgiving turkey still rumbles in your gut and Black Friday is, for the merchants at least, just a happy memory. We’ve trimmed the Christmas tree, hung the lights, and kept spiking the eggnog.  Then, we took the tree apart and stored the decorations until next years. And now, one special thought begins to fill the minds of people everywhere…

…Income tax filing season is here!

So I thought this an opportune time to review my “10 Top Reasons It’s Time For You To Get A New Income Tax Preparer,” list. Then, in the next three (3) or four (4) posts, we’ll learn why any of these reasons could definitely cause a great deal less holiday joy for years to come.

Let’s just hope there aren’t too many of you already on a first-name basis with an IRA auditor because of your current tax advisor.

Reason number 10:

You own and live in a two-family home. Your tenant pays you $12,000.00 in annual rent, and you have use of 75% of the house. Your preparer, knowing you need a big refund, depreciates the house at 100% and shows only $6,000.00 in rental income for the entire year on your return.

Reason number 9:

You haven’t been to church, any church, in the last 20 years. Yet each and every year, your preparer says you can claim $10,000. For worshiping at 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 not to worry, they just want to make sure you received your thank you note.

Reason number 7:

You’re a receptionist at a medical center. You earn $30,000 each year. Even though you never leave your desk, wear everyday clothes to work, and haven’t seen the inside of a classroom for 20 years, your preparer gives you generous itemized deductions of $9,000.00 for uniforms, $3,000.00 for educational seminars, and $2,000.00 for business-related travel on a Schedule A. Oh, and he reminds you your twice-monthly hair and nail appointments are deductible too.

Reason number 6:

Lost your 1099 Int’s and Div’s? “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 an NYPTRIN. He tells you he prefers to drive domestic vehicles.

Reason number 2:

Your preparer relocates each year. Luckily you find them. Again. (See Reason number 8, above)

And now the number one reason “Why It’s Time For You To Get A New Income Tax Preparer,” is:

Your preparer assures you he or she, “Knows how to get you the biggest refund you’ve ever received.”

 The next post will deal with reasons one (1) , two (2) and three (3).

Hey, who said we were going in order.

Until next time, start gathering and itemizing those receipts.

Peace and Blessings,

BrooklynCovered

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