01/23/2024
Just a few FYIs about filing your Taxes
If you do not understand the tax laws and all of the updates, please use a professional preparer.
When choosing a preparer if they tell you that you need your AGI (Adjusted Gross Income) from your last year tax return. They are not using professional software they are using online software like Taxact or TurboTax.
Always look at the bottom of your paperwork you should their PTIN (Preparer Tax Identification Number)
EIN (Employer Identification number) listed. If they own the company and transmit taxes they should have their ERO also(Electronic Return Originator)
If you don't see atleast the PTIN and if it says Self prepared you need to ask them why aren't they using their credentials on your paperwork. You are liable for everything on your tax forms. There's alot more in doing tax returns than just entering a bunch of numbers and getting paid.
If you are paying more than $500 for a simple individual 1040 tax return ( no, business, no dependents, no schedule A, C, D E or F) you are paying too much. It amazes me how much some of these companies charge people and get away with it.
The IRS requires that you receive a copy of your paperwork. Stop letting these so called preparers not give you your paperwork. If you get a Refund loan advance I like to wait until the return is accepted by the IRS in case corrections are needed. Once its accepted you should receive a cppy. Once you get it please put your paperwork in a safe place. Do not leave it in your car, a drawer a work or out where anyone can see it and get your information and use it for identity theft.
Stop falling for all the scams..Do you really think if you only made 15,000 and have no dependents that you getting a refund of 18,000 is not going to raise a red flag. You do realize that even if they give you this money they have up to 7 years to audit you and can make you pay it back with interest. They can put a lien or levy on anything you own. Bank account, Car, house. The IRS is not to be played with.
The Child Tax Credit increased has not been passed yet. If and when it does and you have filed your taxes the IRS will make adjustments.