Comments on: Prepare for the Tax Preparer to Save Money http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Mon, 20 May 2013 00:24:51 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Scottie freeman http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2690672 Scottie freeman Thu, 10 May 2012 18:16:28 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2690672 My preparer failed to list everything alto I had given them to her. when IRS sent me a big bill, I expected my preparers fee back.. should they return it to me? My preparer failed to list everything alto I had given them to her. when IRS sent me a big bill, I expected my preparers fee back.. should they return it to me?

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]]> By: Marcia Wilwerding http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2549462 Marcia Wilwerding Tue, 03 Apr 2012 01:27:41 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2549462 Please, listen to me. Do not have an accountant do your taxes. Accountants are good at bookkeeping and business accounting. They only do taxes on the side. And, for heaven's sake, if there is an inheritance involved, please, please, please, go to H&R Block or some other qualified, reputable tax preparer who specializes in your particular case. You don't want to find out two or three years later (probably after all the money's gone) that you owe Uncle Sam and your State a whopping sum of back taxes, penalties, and interest. We're talking a NIGHTMARE. :( Please, listen to me. Do not have an accountant do your taxes. Accountants are good at bookkeeping and business accounting. They only do taxes on the side. And, for heaven’s sake, if there is an inheritance involved, please, please, please, go to H&R Block or some other qualified, reputable tax preparer who specializes in your particular case. You don’t want to find out two or three years later (probably after all the money’s gone) that you owe Uncle Sam and your State a whopping sum of back taxes, penalties, and interest. We’re talking a NIGHTMARE. :(

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]]> By: Bella http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2536312 Bella Thu, 29 Mar 2012 16:33:07 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2536312 OMG - I just realized April that that means your birthday is *in* April... HaHa! I guess it's easy to remember... OMG – I just realized April that that means your birthday is *in* April… HaHa!
I guess it’s easy to remember…

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]]> By: Bella http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2536282 Bella Thu, 29 Mar 2012 16:28:41 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2536282 We do the same thing April does - our accountant charges by the hour. I spend hours getting all the information together, I understand the return, I understand where our liabilities are and what's working to our advantage - but I'm a paranoid person - and having a professional put the stuff together and double check my numbers - there is a peace of mind that is easily worth what we pay. We do the same thing April does – our accountant charges by the hour. I spend hours getting all the information together, I understand the return, I understand where our liabilities are and what’s working to our advantage – but I’m a paranoid person – and having a professional put the stuff together and double check my numbers – there is a peace of mind that is easily worth what we pay.

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]]> By: Bella http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2536262 Bella Thu, 29 Mar 2012 16:21:01 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2536262 And what about all the good people who get paid to stand on the corner in statue of liberty costumes this time of year? They would be out of work too - and my drive wouldn't be so entertaining! And what about all the good people who get paid to stand on the corner in statue of liberty costumes this time of year? They would be out of work too – and my drive wouldn’t be so entertaining!

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]]> By: Bella http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2536252 Bella Thu, 29 Mar 2012 16:17:35 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2536252 We had a year like that - and I was so glad to have someone I trusted on our side already! We had a year like that – and I was so glad to have someone I trusted on our side already!

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]]> By: cc http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2536052 cc Thu, 29 Mar 2012 15:00:32 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2536052 so easy! just mark it in your calendar. it helps to have some buddies on the quarterly system too, you can all help remind each other. so easy! just mark it in your calendar. it helps to have some buddies on the quarterly system too, you can all help remind each other.

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]]> By: Staying out of Debt http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2534652 Staying out of Debt Thu, 29 Mar 2012 03:56:02 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2534652 I've done my taxes myself every year, but I did give Turbo Tax a try and it had the same results as what I had. My situation was some misc. income with a W2 and a sole-proprietor business. But I actually did a paper in High School over taxes and based upon my research, I would much rather do a flat tax then the current situation. I would allow a standard deduction of 14,000 for the poverty line. I’ve done my taxes myself every year, but I did give Turbo Tax a try and it had the same results as what I had. My situation was some misc. income with a W2 and a sole-proprietor business. But I actually did a paper in High School over taxes and based upon my research, I would much rather do a flat tax then the current situation. I would allow a standard deduction of 14,000 for the poverty line.

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]]> By: Sarabeth http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2534452 Sarabeth Thu, 29 Mar 2012 02:51:51 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2534452 If you need to file both in the US and elsewhere, I would defintely get an accountant's help. It's pretty easy to goof up and end up paying twice the taxes you need to, if you don't know your way around the relevant tax treaties. I'd suspect that many of the border cities are full of accountants who deal with this regularly. If you need to file both in the US and elsewhere, I would defintely get an accountant’s help. It’s pretty easy to goof up and end up paying twice the taxes you need to, if you don’t know your way around the relevant tax treaties. I’d suspect that many of the border cities are full of accountants who deal with this regularly.

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]]> By: Brent Pittman http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2534062 Brent Pittman Wed, 28 Mar 2012 23:37:57 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2534062 Since my wife and I opened businesses in 2012 we've used a tax professional too. Even though I know a lot of the laws, things change every single year. Now, my goal is to pay my quarterly taxes, but this is a whole different confusing issue. Since my wife and I opened businesses in 2012 we’ve used a tax professional too. Even though I know a lot of the laws, things change every single year. Now, my goal is to pay my quarterly taxes, but this is a whole different confusing issue.

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]]> By: stellamarina http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2534032 stellamarina Wed, 28 Mar 2012 23:22:49 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2534032 Several years ago there was a tax prep person in our town who was getting very good returns for all her clients...including our neigbor. Then one day the FBI showed up at our neigbors house asking about this tax prep person. Turned out she was doing illegal stuff to get such good returns for her clients. And no....she was not highly trained and certified. Several years ago there was a tax prep person in our town who was getting very good returns for all her clients…including our neigbor. Then one day the FBI showed up at our neigbors house asking about this tax prep person. Turned out she was doing illegal stuff to get such good returns for her clients. And no….she was not highly trained and certified.

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]]> By: Amanda http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533932 Amanda Wed, 28 Mar 2012 22:28:28 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533932 A note to all those out there who are having trouble with collecting receipts... Ask your CPA or EA for a recommendation for a good bookkeeper. Sometimes they hire bookkeepers for the busy tax season so they can easily recommend a competent one. A note to all those out there who are having trouble with collecting receipts…

Ask your CPA or EA for a recommendation for a good bookkeeper. Sometimes they hire bookkeepers for the busy tax season so they can easily recommend a competent one.

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]]> By: Amanda http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533912 Amanda Wed, 28 Mar 2012 22:27:15 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533912 It depends on who made the mistake. If all information was not provided to the CPA that's considered the individual's mistake. If a form was provided and the CPA forgot to include it in the return it is the CPA's mistake. It depends on who made the mistake. If all information was not provided to the CPA that’s considered the individual’s mistake. If a form was provided and the CPA forgot to include it in the return it is the CPA’s mistake.

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]]> By: Amanda http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533902 Amanda Wed, 28 Mar 2012 22:25:05 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533902 That doesn't sound right. Check out her certifications. She should be an EA or CPA. That doesn’t sound right. Check out her certifications. She should be an EA or CPA.

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]]> By: Amanda http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533892 Amanda Wed, 28 Mar 2012 22:21:59 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533892 Not legally. Not legally.

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]]> By: Amanda http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533852 Amanda Wed, 28 Mar 2012 22:19:30 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533852 Unless you confirm that the preparer at H&R Block is a CPA or EA I do not consider them a professional. Unless you confirm that the preparer at H&R Block is a CPA or EA I do not consider them a professional.

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]]> By: dipo318 http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533652 dipo318 Wed, 28 Mar 2012 20:53:09 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533652 So funny, I just finished off my taxes yesterday and was so happy to see the verification emails that they were received today. YEAH!!!! I use turbo tax every year, I did have a little bit of a complicated tax sell and we closed out an investment club partnership this year so it took me longer than usual, but I figured it out. I have a low chance of audit according to turbotax, and I got a refund from both the state and feds, even though I have my exemptions up more than normal. So I am happy with the results. So funny, I just finished off my taxes yesterday and was so happy to see the verification emails that they were received today. YEAH!!!!

I use turbo tax every year, I did have a little bit of a complicated tax sell and we closed out an investment club partnership this year so it took me longer than usual, but I figured it out.

I have a low chance of audit according to turbotax, and I got a refund from both the state and feds, even though I have my exemptions up more than normal.

So I am happy with the results.

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]]> By: More Than A Mom http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533612 More Than A Mom Wed, 28 Mar 2012 20:33:35 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533612 For those relying on accountants, if audited and found wrong of something, does the individual whose claim the taxes have been filed under still not be held responsible since they have signed the tax form stating everything is accurate? For those relying on accountants, if audited and found wrong of something, does the individual whose claim the taxes have been filed under still not be held responsible since they have signed the tax form stating everything is accurate?

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]]> By: Boston http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533602 Boston Wed, 28 Mar 2012 20:25:58 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533602 My birthday, too! :) So nice to celebrate with you guys and Uncle Sam as he swipes our hard-earned dollars! My birthday, too! :)

So nice to celebrate with you guys and Uncle Sam as he swipes our hard-earned dollars!

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]]> By: Victoria Grattan http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533592 Victoria Grattan Wed, 28 Mar 2012 20:24:55 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533592 Great article! My husband and I recently hired someone instead of using HR and Block or doing it online for the same reasons "The What if's" We saved so much money and it was a flat fee and we got a bigger return than we expected! Great article! My husband and I recently hired someone instead of using HR and Block or doing it online for the same reasons “The What if’s” We saved so much money and it was a flat fee and we got a bigger return than we expected!

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]]> By: Jenna, Adaptu Community Manager http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533452 Jenna, Adaptu Community Manager Wed, 28 Mar 2012 19:39:53 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533452 Still doing my own taxes, hopefully next year I'll get some tax prep help. Still doing my own taxes, hopefully next year I’ll get some tax prep help.

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]]> By: PawPrint http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533432 PawPrint Wed, 28 Mar 2012 19:35:59 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533432 I did our taxes for years until one year we had to deal with stock options, DRIPS, a rental house in another state, moving to another state, buying a new house and an inheritance. I looked at the forms, threw up my hands and said I'd rather pay someone else. Our accountant sends his clients a wonderful checklist like yours each year to make it easier to have all the documents. I did our taxes for years until one year we had to deal with stock options, DRIPS, a rental house in another state, moving to another state, buying a new house and an inheritance. I looked at the forms, threw up my hands and said I’d rather pay someone else. Our accountant sends his clients a wonderful checklist like yours each year to make it easier to have all the documents.

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]]> By: cc http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533392 cc Wed, 28 Mar 2012 19:20:58 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533392 i am a self-admitted airhead and much prefer if someone else handles all those crazy forms with numbers and calculations that if you mess them up can ruin your life. i'm a freelancer in a big city with lots of weird tax things, and it's one task i'll pay my cpa whatever he asks for, year after year. i love you, cpa. thank you for keeping me from harming myself. i am a self-admitted airhead and much prefer if someone else handles all those crazy forms with numbers and calculations that if you mess them up can ruin your life. i’m a freelancer in a big city with lots of weird tax things, and it’s one task i’ll pay my cpa whatever he asks for, year after year. i love you, cpa. thank you for keeping me from harming myself.

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]]> By: Bareheadedwoman http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533262 Bareheadedwoman Wed, 28 Mar 2012 18:27:04 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533262 where is robin hood when you need him? where is robin hood when you need him?

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]]> By: Marianne http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533132 Marianne Wed, 28 Mar 2012 17:45:08 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533132 I usually do our own taxes but with a few different side income sources now, I was nervous about it this year. Our life insurance agent just informed me that she prepares taxes for her life insurance clients for free! I am more than happy to take her up on her offer! Getting them done next week! I usually do our own taxes but with a few different side income sources now, I was nervous about it this year. Our life insurance agent just informed me that she prepares taxes for her life insurance clients for free! I am more than happy to take her up on her offer! Getting them done next week!

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]]> By: April Dykman http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533072 April Dykman Wed, 28 Mar 2012 17:34:55 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533072 Happy early birthday to you! :) Happy early birthday to you! :)

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]]> By: April Dykman http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533062 April Dykman Wed, 28 Mar 2012 17:34:11 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533062 Can I pay YOU to do my taxes?! ;) Can I pay YOU to do my taxes?! ;)

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]]> By: I Am 1 Percent http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2533002 I Am 1 Percent Wed, 28 Mar 2012 17:18:00 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2533002 This is a very good list. I use a tax preparer for the same reasons...my taxes got too complex. With a lot of assets, deductions, rental properties, an s-corp, 1099, etc, it was not worth it for me to figure it out. I'd much rather pay someone to do it right and assist me in case of an audit. This is a very good list. I use a tax preparer for the same reasons…my taxes got too complex. With a lot of assets, deductions, rental properties, an s-corp, 1099, etc, it was not worth it for me to figure it out. I’d much rather pay someone to do it right and assist me in case of an audit.

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]]> By: chacha1 http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2532962 chacha1 Wed, 28 Mar 2012 16:57:45 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2532962 I always did my own tax returns before marriage, and after - for a few years we filed married/separate. After DH started his business we starting filing married/joint and used an accountant. Our experience with the accountant was so nerve-wracking that after a couple of years I said "No" and started doing them myself again. He was just a sketchy character and I did not trust him. And, like someone above said, to me organizing the paperwork is the hard part. Filling out the forms is easy, if you can read and work a calculator. Our returns are medium-complexity. One employee, one self-employed. No real estate and no dependents. We don't file a Schedule A. IMO, it is certainly not worth paying someone else to do the work that provides us with the "big picture" about our financial status. I always did my own tax returns before marriage, and after – for a few years we filed married/separate. After DH started his business we starting filing married/joint and used an accountant.

Our experience with the accountant was so nerve-wracking that after a couple of years I said “No” and started doing them myself again. He was just a sketchy character and I did not trust him.

And, like someone above said, to me organizing the paperwork is the hard part. Filling out the forms is easy, if you can read and work a calculator.

Our returns are medium-complexity. One employee, one self-employed. No real estate and no dependents. We don’t file a Schedule A.

IMO, it is certainly not worth paying someone else to do the work that provides us with the “big picture” about our financial status.

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]]> By: PB http://www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money/comment-page-1/#comment-2532862 PB Wed, 28 Mar 2012 16:34:32 +0000 http://www.getrichslowly.org/blog/?p=128572#comment-2532862 That's what I do, too! I throw absolutely everything tax related into a big envelope and then spend an hour or two in January/February sorting it out. Much easier for me than doing it every month. And then I go to an accountant. That’s what I do, too! I throw absolutely everything tax related into a big envelope and then spend an hour or two in January/February sorting it out. Much easier for me than doing it every month. And then I go to an accountant.

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