TAX TALES!
IF I had $1 for every tax tale, scheme or piece of misinformation encountered, I could retire from this business and enjoy myself. People lie in general and we will never understand or know why, however, when it comes to the lies encountered and spread during, before and after a tax season, they grow exponentially.
- You cannot use a 1099 or W-2 from a previous year in the next tax year
- IF a person tells you that he or she gets $10k in a refund each year, walk away! Ask to let them to let you see the return. Chances are they are lying.
- Just because you aren’t caught in one year, doesn’t mean you will never be caught if you are lying on a return
- There is not an actual method or system for auditing, it is completely random; however, there are large changes or drastic changes that can place you on radar.
- Stop getting your tax advice from the barber shop
- Make sure the person advising you, has credentials! A person who will not bother to take the necessary steps to provide the service legal, will also not be there for you when things fall apart!
- IN case you missed it! LAST YEAR, the tax structure changes, the things that can be deducted changed, the standard deductions increased; so if you tried to prepare taxes the same ole way, that’s why it didn’t work!
- Shortcuts lead to long payments with the IRS
- IF YOU OWN A BUSINESS, HANDLE YOUR TAXES APPROPRIATELY LIKE A BUSINESS!
- Looking to buy a home? Consult your broker before preparing your taxes! Trying to amend them later could land you in deep waters. The schemes are not a secret to the IRS
- The Tax-Preparer is not a magician, the people who receive the larger tax deductions and breaks are those that visit their bookkeeping consistently. You cannot wait until the last minute and think everything will fall into place, that’s not how it works!
- Working a gig? Driving for uber eats or uber? Know and understand your tax liability. Don’t assume, get to a professional and get help!
