taxchick37

All about Tax

Returns………DECLINED! February 15, 2016

Filed under: Uncategorized — taxchick37 @ 12:55 pm

Tisk, Tisk….This comes as no surprise considering the man that started Liberty is the same one that started Jackson Hewitt, then sold out to an investment company after being sued to shut down 125 stores by the government. For the same reason….Fraudulent Returns.

Here is what i need you to understand. When you step into one of those stores for the first time, you don’t know if that person has been a tax preparer for 10 years or 10 minutes. Also, they are timed…the quicker they get you in and out, the more clients they see…the more money they make. So, they don’t care about you..and they probably missed a credit/deduction that could have resulted in a larger refund. Lastly, some preparers are trying to make sure you get a large refund no matter what. Either by adding businesses the client does not own or children that aren’t theirs. That my friend, is fraud! And they Knowingly committed fraud. The IRS is cracking down on these practices and are fining the companies, the preparers AND the clients BIG! Penalties and Interest are no joke!

I said all that to say this: Choose wisely! There are some reputable tax businesses out there that not only know how to prepare taxes, but can also explain what goes on behind that software. They take their time and get to know the client and they are confident.

If you are in the RDU, NC or USA…try Anissa Barbee of Transformation Tax,Whitney Salles of Tax Time, Nitisha Page of Jewels Tax Service and Kenisha Pate of K&C Tax Service…..How do i know…because their knowledge is my concern.

Be informed!

 

http://www.abc2news.com/news/region/baltimore-city/maryland-wont-process-electronic-returns-from-liberty-tax

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It’s that time again!! September 26, 2012

Filed under: Uncategorized — taxchick37 @ 5:07 pm

Tax season will be here before you know it.  Have you started getting organized?  Have you started taking those receipts out of the old shoebox and making piles?  Being organized will not only make tax preparation smoother, but it could also save you some money.  How?  Well, I’m glad you asked.  Tax professionals charge fees in many ways.  Some charge per return, others charge per form….then there are some that charge by how much time they spent working on your return. 

If your tax professional is charging you according to how much time they spend on your return, imagine how much you would save if you were organized.  Think about it….all those receipts would have to be taken out of the shoebox, separated into piles, and calculated BEFORE (s)he even starts your return! 

May I make a suggestion?  Contact your professional and ask, “How much would you charge to organize my receipts?”  When they give you their hourly rate, take the shoebox out, organize them yourself, and pay yourself.

Get Organized:

-Separate your receipts in piles according to expense

-Calculate the total of each expense and record them on a spreadsheet

-Store the receipts in a paper file folder or scan them to keep in a folder on your computer

-print and take your spreadsheet to your tax preparer

 

Be informed! 

Taxchick

 

Olympic Medals Taxed, WHAT?! August 2, 2012

Filed under: Uncategorized — taxchick37 @ 3:00 pm

As I am lying in bed the other day listening to Good Morning America, I heard the commentator say Olympians will be taxed close to $9,000 dollars for each gold medal they win.  I jumped up and shouted, “ARE YOU SERIOUS?”  Unfortunately, they were serious and they were also correct – You know sometimes you can’t believe everything you hear.  Further research also indicated that each silver medal would be taxed $5,000 and bronze, $3,500.

Let me back up a bit and explain to you why they are being taxed. When an athlete wins a medal, there is prize money involved.  For a gold medal it’s $25,000, silver – $15,000 and bronze – $10,000.  The IRS recognize these winnings as taxable income – at a rate of 35% – that is at the top of the tax rate!  So not only are they being taxed, but they are also being taxed at the highest rate……As of 12:44 pm on August 2nd, according to Yahoo, the U.S. has 14 gold, 8 silver, and 9 bronze medals.  That calculates out to be well over $200k owed to the IRS.

I know our economy is not at it’s best right now, but come on, these young people have worked their behinds off for four years.  They have sacrificed everything to be the best in their sport.  They went over to London and represented the United States with excellence- and this is how the government says thank you……with a tax bill.

I believe this is wrong on so many levels.  The money they received was earned not won by luck.  It was through hard work and dedication.  Making this money tax exempt would be the least the government could do for a job well done.

Be informed!

Taxchick

 

Spring Cleaning March 20, 2012

Filed under: Uncategorized — taxchick37 @ 12:37 pm

It is that time of the year again!  Winter has passed and it’s time to do some Spring Cleaning.  As you are cleaning out the closets and dresser drawers of old clothes and shoes, the linen closet of sheets, and the kitchen of dishes and appliances……… this would be the perfect time to start making charitable contributions to the local organizations in your area.

Here are a few tips about charitable contributions to help you decide which organizations are best for you in tax year 2012.

1-Know their status:  Approximately 275,000 organizations lost their tax-exempt status in 2011.  Go to http:/www.irs.gov/charities to check the status of the organization you would like to donate your items

2-Have proof:  When donating any amount of cash to a charity the IRS requires you to have as proof a bank record or receipt including the name of the organization, amount and date of the contribution. Bank records are canceled checks, credit card or bank statements.

3-Extra paperwork: If you have a noncash donation of more than $500, You must fill out form 8283 which will ask for information such as the organization you donated the property to, what you donated, date it was contributed, when you got it, how you got it, cost, what the value is not, and how you determined the value.

Be informed!

The Taxchick

 

Hello world! March 13, 2012

Filed under: Uncategorized — taxchick37 @ 3:44 pm

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