Archive for the ‘TaxSeason’ Category
Posted by taxguru on January 27, 2015
Posted by taxguru on January 22, 2015
From Jimmy Kimmel via Newsmax:
Today was the first day you could file a tax return. If you filed a tax return today, congratulations, nerd.
People who file their taxes on the first day are the grown-up version of the kids who ask the teacher for extra homework in school.
The IRS suggests filing early to reduce the chance that someone will steal your identity and file before you. Honestly, if somebody wants my identity so badly they’ll file my tax return for me, go crazy. You can mow my lawn while you’re at it, too.
Posted by taxguru on January 14, 2015
With all of the last minute tax law changes, as well as the ridiculous ObamaCare issues to deal with, it’s going to be a chaotic Tax Season from the side of us practitioners. It doesn’t help any that IRS will be just as messed up as we will be.
As I have made clear over the years, I have never been a fan of people preparing their own tax returns, for their own protection. Even with the most expensive tax software, it’s still a matter of GIGO (Garbage In, Garbage Out). It’s similar to buying a scalpel and a book on human anatomy and assuming that you are properly prepared to perform surgery on a person.
I am once again stressing this point because I have been receiving all kinds of emails from PR firms and software companies asking me to promote their DIY tax programs. I just can’t do that. What is very clear is the fact that this Tax Season is going to be the worst time for tax DIYers. Even we experienced tax pros will be having problems. Amateurs have no chance of getting everything right.
What I can confidently predict is that we will have a lot of work redoing tax returns and straightening out DIY screw-ups. The problem is that not all tax mistakes can be corrected with amended returns. Some things that are done on original returns are not reversible and could cost DIYers thousand of dollars in lost tax benefits, making what they supposedly saved in tax prep fees pale in comparison.
Posted by taxguru on November 27, 2014
Will Congress be able to pass legislation retroactively renewing the several expired tax provisions in time for the upcoming Tax Season? Either way, IRS and the tax software companies will be in a mad rush to adjust their systems to account for the changes. It’s going to delay when tax returns can be actually prepared and processed by IRS.
7 Tax Extenders That Affect You – Almost all tax returns have at least one of these items, especially the Sales Tax deduction that is big in tax free states, such as here in Florida.
How immigration killed the tax deal – Extender legislation may be lost in the crossfire from the battle over illegal immigrants.
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Posted by taxguru on November 6, 2014
With all of the changes and new info required by ObamaCare, as well as the potential for last minute retroactive tax extenders of things that expired 12/31/13, we will be dealing with a lot more confusion than normal.
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Posted by taxguru on January 8, 2013
This won’t affect our clients because we normally only prepare a few returns by April 15; but it will sure mess up the big assembly-line chain operations. Their bread & butter are early filers, desperate for quick refunds.
Posted by taxguru on April 19, 2012
This is a funny clip from a recent episode of Raising Hope, where a small business owner scrambles to get all of his receipts together for his corporate income tax return. It also includes a reference to how scary taxes are because even ass-kicker Wesley Snipes was thrown into prison by the International Revenue System.
Reposted due to blockage by YouTube.
Posted by taxguru on February 27, 2012
Beware the pitfalls of tax season, CPAs warn – Too many ways to screw up a tax return to do it yourself.
Posted by taxguru on April 12, 2010