Reads from Last Week. . .
Well, I have been having computer problems and not doing the things I’d normally be doing. Then When I finally did get back online, A friend of mine asked me about this post. He knew I’d meant to get it out this morning and was checking to see if I had changed my mind.
For those of you new to my new site, and those who have been regulars from the start, “Reads from Last Week” formally known as “Passing the week” is where I bring to you all my reading and searching for information you should have, or some just plain good reads. “Reads from Last Week” is going to be my regular postings of blogs (and their links) that I read and felt a need to pass on to you. Or like I said, just some plain good reads.
I meant to do many things this weekend but with the PC down I found I was unable to get it all done. The biggest thing was to get my blog roll up here. My way of making it easier for you to find what you need without having to wait on me to fill you in on Sunday. I will get my blog roll up this week, or so is my plan. So, in that regard, I hope you’ll all be tolerant of my slowness. I will do my best to get it up here, with some new additions.
With that, let us start with whose new out here. (Or new to my regular blog reads.)
Starting with Monica Lawver who writes The Tax CPA. As she puts it, “In general, my writing has been sadly lacking of late, due to an unexplained lack of ideas.” But don’t let this fool you, she is right on. When she does post, she gets it. She is a great tax blogger and CPA. You can also find her at Confessions of a CPA on facebook. 
Somebody new is Stacie Clifford Kitts, CPA. She writes Stacie’s More Tax Tips (A blog about – Duh – Income Tax) Self-employed, her home office is in California. Where she keeps her husband up late typing out her blog late at night. I had the great pleasure of meeting her and her husband during a trip they took. We shared only about an hour and a half over lunch. If you can imagine, we talked about tax blogging almost the whole time. (See picture of us) She has lots of great post. I have not listed any here today as for today I am just making introductions.
Now for the usual suspects:
Taxgirl writes 2010 Not Likely to Be All That Different From 2009. Just in case you were wondering about how things are shaping up, this will give you the look into it. . . other reads from her you should check out: Driver Kidnaps Tax Officials to Avoid Paying Tax, IRS Targets Wealthy for Enforcement, and My Anniversary.
Tax Law Forum a blog written by Rob Teuber Writes The Best Tax Advice Ever. This is his best, pointing you to his regular article in the Wisconsin Law Journal.
My blogging mentor and friend writes IT’S THAT TIME OF YEAR AGAIN! And he is correct, “It’s “That Time of Year Again” – time to do your year-end tax planning.” I try and get mailers out to my clients this time of year but don’t always get them out to everyone. Now a days I may follow the lead and use the internet to do all I need it to do. Read this even if your tax professional send you your planning tools.
If you have ever wondered Where does he get all those wonderful views a must read is WHAT ABOUT BOB? Beautiful my friend.
The is a lot going on with the Homebuyers credit. I am pointing you towards Tick Marks who links to others views. “Fool Us Once, Shame on You; Fool Us Twice…” (ican’t get the link I want, so this one tales you to Tick Marks, the post was up on October 30th)
Some great post over at Taxable Talk. One of real interest to me as a I wonder “whose thinking in the White House” sorta way Do Businesses Base Decisions on Taxes? Also a must read is The Responsibilities of a 
Tax Preparer. This leads to a great two part post from another blogger, and continues the discussion.
Not just Anyone can be a partner is an eye opener from my friend Joe Kristan
The IRS Hitman writes IRS Tax Debt: How to Pay the IRS with Easy Monthly Payments. He also has an interesting video. The IRS Hitman Video “I discuss my motivation for leaving the IRS and joining the good guys.” If the chance ever comes about, I will definitely take him to lunch.
One of my Favorite tax bloggers, isn’t a preparer but a writer. Kay bell who write the blog Don’t Mess With Taxes has a great look at the Tax cheat crackdown, at home & abroad. Please read.
P.S. Kay where are you getting all your wonderful pictures. I really like the blue in the photo on your post, Reconfigured home buyer tax credit.
Excuse me, back to work here, PLEASE read Get ready for increased audits.
From A Personal Finance Guide, as tax season approaches there is a few things to think about first. One big one is Wise Spending Tips This Christmas, also see Don’t Go Into Deeper Debt This Holiday Season. Guess I am not the only one thinking about the big guy in the red suit.
From CashMoneyLife, 2009 Year End Tax Moves, all things we need to know, this is a part of Tax Planning” Is a great piece. Do You Know How Much Interest You Are Paying Each Month? I wonder how many of us actually know the answer to this. Is better if I don’t know how many, I have enough “fun” keeping up with my own. As always Patrick, excellent.
Living almost Large makes you really think with Are 401k a mistake? Also, have you ever asked “Does it suck to live within your means?” find the answer in the post Living within your means? If this is you stop it, stop living outside your means. And for sure stop living paycheck to paycheck. Think! Everyone just think, common sense goes a long way. Your money won’t.
MoneyCrush is sorta’ a new site. Okay it is a new site, but the owner isn’t new to blogging. Formerly Blunt money owner switched to new site. Is a great new look and still a great read.
From MoneysavingGuide.com something we all think about When is a Great Deal Not Worth It? Use the check list. And if you missed it, Money Saving Guide Makes Debut on ABC News Now.
Ever wonder how? Well here are 5 Steps to Closing Old Bank Accounts. This comes to us from Kevin over at No Dept Plan.
More friends of mine from the big Ca. comes a great collection in the Carnival of Pecuniary Delights No. 24: Friends Edition. I really like the friends clips. Please go and check this out. (Ever wonder what I might be like, well according to a Facebook application I am the character Chandler Bing. “OMG!”)
My friend Andy over at Saving to Inve$t has a number of need to rtead post. Please read them all. Tell him Bruce sent you.
- No Increase, but Congress to Extend $8000 First-time Home Buyer Tax Credit into 2010 and Make Available to More Home Buyers and Owners
- Retirement 401k and IRA Accounts – Have You Rebalanced and Reallocated based on Changing Market Conditions and Contribution Limits?
- 10 Deadly Mistakes Buyers Make When Purchasing a Home and How to Avoid Them
From a local friend (one who I should really take out to lunch or something) and blogger, we learn that Social Security COLA Could Be 0% For Next Few Years. Yesterday she posted Reverse Mortgages – What Should You and Your Parents Know Before Applying? This is a must look if you are thinking along those lines.
Lastly but for surely not least my friend Chad and his wife, owners of Bordeaux & Bordeaux CPAs in their blog Chad writes Roth IRA Conversion Rules Changing – Have You Reviewed Your Tax Plan – Part V, I recommend this along with parts one through four. And this one.
And there you have my list of readable post from those around the “sphere”. If you are a blogger or an
avid reader of lots of different blogs please point my towards those that you like. If possible I will get it here so that all can see. 
As for future “Reads from Last Week…” I will try and get those out on Sunday, so you can read them after you morning paper read and coffee.
photo credit: Brenda Hervold
21 Questions you MUST Ask to Choose the RIGHT Professional to manage your Taxes
Image via Wikipedia
by Nick Hodges
The Internet super-highway opens up marvelous opportunities for you to harvest tax advice and information from some of the greatest minds at reasonable prices from anywhere in the world. But it also emphasizes a crucial question: How do you know whom to trust? Sharing your intimate, personal financial information with a stranger is problematic at best.
Here are 21 questions to help anyone choose a tax and/or a financial professional you can trust.
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Physical office. Do they have a physical office that you can visit? Even if you never have to meet them face-to-face, the professional integrity required of a firm conducting a bona fide business should be considered.
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Reachable contact person. Is there an actual person who will be ultimately responsible to take care of you and your financial world?
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Valid licensure. Does their home state licensing board affirm that the tax professional you would like to use has an active license in good standing?
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Clean history. If the tax professional is also a registered investment advisor, does their state or the SEC affirm that they have a clean history?
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Age of business. How long have they been in business? If they are too new, they may not have the experience necessary for your unique situation. If they are nearing retirement, they may not have the interest to stay current with the changing regulations.
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Size of practice. Are they a sole-practitioner? Or do they have an entire team of professionals to help serve you? If you are dealing with just one practitioner, what do you do if something happens to them? Do you know who will help you if the IRS decides to coming knocking at your door?
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Experience of a professional, how big is too big? Will you have access to the senior professionals in the firm, or are you working with firms so big you are just getting the inexperienced junior preparers? Those who work at large, international corporations often have the opportunity to use large, international accounting firms, and pay thousands of dollars just to be ignored by inexperienced junior preparers. Larger is not always the better choice.
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Reputation of firm. Does the firm specialize in keeping and building long-term relationships with their clients? Do you know what are their clients are saying about them?
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Related services. Does the firm offer other services to help you so you can get the “one-stop financial shopping” you need? If so, what are they offering? How do they help you understand which services you really need?
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Name recognition. Are they nationally-known in their industry? Do they teach other tax professionals? – The best way to really know something is to teach it to other professionals.
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Online presence. Do they have a website?
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Ongoing support. Can they continue to help you after you return to the US?
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Entrepreneurial support. What if you start a business? Can they continue to help you?
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Tax forms. Do they know the proper use and filing of forms. More importantly, can they explain them to you in simple enough terms to help you really understand the tax challenges of your situation?
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Fees charged. Are they charging too little for you to receive the quality, professional service your situation requires?
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Quote for service. Are they charging too much (sometimes thousands of dollars), or do they hesitate to give you an upfront quote?
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Personal interaction. Will a live person speak to you before they take your money?
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Tax organization. Will they provide you with a specialized tax organizer to help you gather all the information you are going to need?
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Tax law updates. Do they send out a newsletter to keep you updated on tax law changes?
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Information sharing. Will your personal, private information be shared with outsiders or shipped out of the country for processing?
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Comprehensive coverage. Do they offer to go beyond just getting the numbers right, to working with you to get the answers right for your entire financial world?
Take the time to thoroughly interview the tax professionals you are considering to help you manage your taxes.
This simple step, interviewing a tax professional, could save you from creating sticky situations in the filing and management of your taxes.
Nick Hodges,
President of NCH Wealth Advisors
The above post was edited. I did so in order for this guest post to be relevant to all taxpayers looking for a tax professional. For more very relevant information please see my post Find a Tax Preparer that is right for you, Should I do my own taxes. . ., Choosing a tax preparer. . ., More on “finding a pro”. . .
Also check out my series on the subject that starts with Mistakes Made. . .
I’m Back with “Who is”
Okay, things have settled and for the most part organized. Taking up this blogging thing again as before; Monday, Wednesday, Friday, with a recap of the past week on Sunday’s. I have missed being active regularly and I have been missed, but things are going strong again.
For my readers who have hung with me thank you. I apologize in advance for the repost below but given everything, I find it necessary.
So much talk about hiring a tax professional and so much debate about who is a professional I want this out again.
The biggest point I want to make is that just because someone is a CPA, doesn’t automatically make them a tax professional.
Tax professionals are hard to find because as you may have heard, there is no accreditation from the AICPA (American Institute of Certified Public Accountants) that says “Tax Professional”.
Hope you enjoy my return to active blogging.
Repost of Who is. . .
As a tax preparer I am often asked what is the difference between a tax attorney, an accountant/CPA, a bookkeeper, an Enrolled Agent, and a tax preparer.
A Tax Attorney is not the same as an accountant. The accountant can work with the financial issues and has a general knowledge of tax laws; however a tax attorney is a specialist in all aspects of tax law. Although they often work closely together, they are two complete different services. Typically large and even small businesses will meet with a tax attorney once every quarter or once a year to ensure that they are making the best possible business choices with regards to investments and tax issues. Since the taxation laws change constantly, this is an important step.
A Bookkeeper is responsible for keeping accurate, up-to-date business records for proper cash flow management, balance sheet preparation, and developing expansion and investment plans. A bookkeeper also assists in filing tax returns with updated tax records. Accurate bookkeeping is a legal requirement and should be kept well within the standards that are set by local and federal tax agencies. A bookkeeper accurately records all of the financial transactions. It is the responsibility of bookkeeper to note all monetary transactions that are received and paid out. The records also include outstanding balances that the company owes to other parties and others who owe to the business. Business bookkeeping takes a lot of time and cannot be done in a hurry. At small businesses, bookkeepers also double as company accountants. Perhaps bookkeepers have the biggest responsibilities in the company as business planning, payroll management, and tax return preparations are dependent on accurate bookkeeping. Bookkeepers often do not have the qualifications or certifications of accountants, but the responsibility is not any less. Bookkeepers that have a great deal of experience can market themselves as accountants or managers. For that, they also need to supplement their profession with certificate courses, seminar attendance, and on-job training. All types of businesses require bookkeepers who are experienced in their specific business functions.
Accountants keep track of a company’s money. The company’s managers and people outside the company read their reports. Managers look at the accountants’ reports to see how well their companies are doing. There are four kinds of accountants:
Public accountants work for public accounting companies. They do accounting, auditing, tax, and consulting work. Some have their own businesses. They do many different kinds of accounting for people outside the company.
Management accountants keep track of the money spent and made by the companies for which they work.
Accountants generally work a standard 40-hour week, but some work 50 hours a week or more. Tax accountants often work long hours during the tax season, from January to April. Most accountants have a college degree in accounting. Public accountants have to take a special test as well, resulting in a certification. Public accountants also must have a special license from the State in which they live. Accountants are generally good mathematicians, and have good analytical skills.
An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals. “Enrolled” means to be licensed to practice by the federal government, and “Agent” means authorized to appear in the place of the taxpayer at the IRS. Only Enrolled Agents, attorneys, and CPAs may represent taxpayers before the IRS. The Enrolled Agent profession dates back to 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens in their dealings with the U.S. Treasury Department.
A professional Tax Preparer is an individual who prepares tax returns. A professional tax preparer can be a Tax Attorney, an Accountant/CPA, a Bookkeeper, an Enrolled Agent, or anyone who professionally prepares tax returns for clients. Most return preparers are professional, honest and provide excellent service to their clients.
So there you have it.
How do you choose the right one to prepare your taxes? There is no one factor to use in determining this. I suggest you read the IRS Tips for Choosing a Tax Preparer. Or my website page Finding a Qualified Tax Preparer. I would also hope you to read 5 Biggest Mistakes most taxpayers make when choosing a tax professional!
Getting it right
Five days ago I read a post on a topic that is of interest to everyone. The author of course responded to my comment. AN up and coming CPA/tax blogger gave a note where, of course, the author responded, and I put in another two cents worth. At this point, a new voice entered with a statement and some questions.
I hope now to answer those questions, and maybe a few others.
This all started simply enough because of a 2003 Study. Findings were such that CPA Prepared Returns Result in Fewer Audit Adjustments than Returns Prepared by Non-CPAs
I made the comment that maybe this study was not entirely accurate. Not because of the study itself, but because taxpayers blindly believe that a person with CPA behind their name means they are tax preparation experts.
For the record, just so you know, just because somebody has CPA behind their name, this does not make them a “tax professional”.
In a post from another tax blogger, she was thinking about all the fancy credentials the AICPA offers for CPAs to specialize – financial planning, fraud examination, business valuation – and wondered how to become a certified tax expert. A representative of the AICPA (American Institute of Certified Public Accountants) responded to this saying, “We do not offer a credential in taxation. In general, our approach has been not to develop credential programs around areas for which the public already believes CPAs to ‘own’.”
As I read this I was amazed that someone representing the AICPA actually admitted that the general taxpaying public blindly believes that just because someone is a CPA they own the title of tax professional.
Again, A CPA designation does not by itself qualify as tax expert. Other than EA (Enrolled Agent), there is no real designation available to be obtained to verify or prove a Tax Preparation Professional. There needs to be.
I suggested then that we needed to educate taxpayers in the difference of just a CPA and a tax professional (who by the way could be a CPA).
As it was pointed out to me, who would pay for this, who should or would be charged with this responsibility?
The comment that sparked this post – “I think the industry should accept that it has taken certain missteps along the way and repair that. . .”
In an annual report by National Taxpayer Advocate, Nina Olson said that she would work with the Inspector General for Tax Administration to develop regulations for presently unregulated (commercial preparers who are not attorneys, CPAs or enrolled agents) tax preparers.
To me this is misleading. I mean it is being proposed that those who are not attorneys, CPAs or enrolled agents aren’t regulated. When in fact they are governed by the same rules as those preparers as who are attorneys, CPAs and enrolled agents. (We are talking about what is commonly referred to as an un-enrolled preparer.)
So to clarify, According to Circular 230 (Circular 230 contains the regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS.) a preparer is defined as “An individual who prepares and signs a taxpayer’s tax return as the preparer, or who prepares a tax return” And preparers are governed by the regulations described in Circular 230, including ethics.
If you are an Attorney, CPA, EA you are afforded more mobility within the IRS to act on a taxpayers behalf as also described and regulated by Circular 230.
As it stands right now, anyone can claim to be a tax preparer. There are no guideline as to education requirements, or continuing education requirements. This concerns people, as it should.
I am considered an un-enrolled preparer. By all means I am all for a change. Somewhere somehow there needs to be some sort of something, be it college education and designation or Federal licensing. There needs to be something. To assume this needs to only be done for un-enrolled preparers is pompous.
Any preparer, whether you are un-enrolled, a CPA, an Attorney, and EA, whatever they are, there needs to be something for everyone who signs as a preparer. A standard for all who assist taxpayers in the preparation of their return.
Righteousness in Designation?
Friday I was interviewed and retained by a new client. This particular client has several issues that actually can fall in line with a great debate we have all been following.
First, a little background:
A young newly wedded (three years) couple has their tax return done by “pros” as they are not among those who follow the taxing world. We will call them Pat and Jody Taxpayer. Having just started their own Business they left HeRBert (the group who prepared their returns) for what to them was perceived as a tax professional. They retained a CPA to handle some general bookkeeping and complete tax returns.
Good choice?
Of course it is, “All but the militantly nefarious and hopelessly deluded concede that CPAs are experts at keeping books and records. There simply is no higher accounting “designation.” then CPA.
The CPA (Certified Public Accountant) maintained records by gaining access to Pat & Jody’s bank account using the online statements. The first tax season for this CPA came around and she completed the 2007 tax return. Another year passed, and she completed the 2008 return.
Several months ago, the IRS notified the Taxpayers that the 2007 return was under investigation. Seven lines on two different Schedule Cs were in Question.
Considering a CPA had prepared this return there should be no worries.
So how did I get this return?
When the time came for the audit with the “Tax Compliance Officer”, the CPA, had manufactured information to provide the IRS to validate two of the seven lines in question and did not show up to guide the Taxpayers through the 3 ½ hour long ordeal. Needless to say, the IRS found no substantial proof or validation for seven lines in question. P & J now are holding a bill from the IRS for over $10,000.00.
Not only are the taxpayers confused about what happened, but the “Compliance Officer” also looked at their 2008 return, they are about to undergo another audit.
“Because good accounting skills are a critical part of good tax preparation, CPAs are uniquely qualified to be tax preparers.”
So where is this CPA? Avoiding Pat and Jody.
This is a most uniquely “qualified” tax preparer?
I reviewed 2006 (again prepared by HeRBert – a fast food chain preparation service), 2007 and 2008 returns. (again, these two returns were prepared by the same “CPA”)
- 2006 had 6 errors resulting in a $213 refund to Pat and Judy (I can say this because I have already amended this return)
- 2007 has 21 errors - three missing forms (associated with errors) and if that wasn’t bad enough, 5 of the errors are mathematical.
“Good tax preparation is about numbers. It’s about keeping good books and records.
In short, it’s about good accounting.
In fact, what is a tax return if it’s not an accounting?”
Hummmmm
if anyone needs a definition to “accounting” I have a link to the right for Merriam-Webster Dictionary or you can click this.
Good thing it doesn’t suggest an ability to add or subtract.
Same for Accountant.
- 2008, well is just wrong. I say this because nothing changed from 2007 through 2008.
- 2007 consisted of
- 1040 Long Form
- 2 Schedule Cs
What the 2008 return consisted of was a 1040A – Short Form, nothing more.
My conclusion is this CPA stands proudly among those who are truly CPA tax professionals. You real CPAs who are tax pros, give her credibility she assuredly doesn’t need.
As for Jody and Pat, luckily they found a tax professional. I will help them through the amended returns, the audit up coming, and any and all IRS intervention that may come their way. If you wish to stay updated on their situation, I will create a blog page giving more detail information and will keep it updated.
However not all of you will see it this way. Why? Well, I am no longer a CPA. I am not an EA, nor am I an Attorney. What does this make me? I am an unenrolled preparer.
Unenrolled preparers, by definition, have no recognized credentials and are bound by no professional standards
And what are the unique qualifications of an unenrolled preparer?
Would someone please tell me?
Anyone?
The silence is deafening.
That’s because the answer is “none . . . nada . . . zero . . . zilch.”
The silence sir, is deafening because you are on your computer. But now, please, open your eyes fully, adjust your glasses, I want you to hear me plainly.
An unenrolled preparer is a unique person. Like a Lawyer, a CPA, or Doctor or any other profession, you are going to have unqualified hacks. My Credentials are useless in the taxing industry.
Or did you miss it?
The AICPA told a CPA/Tax Professional “We do not offer a credential in taxation. In general, our approach has been not to develop credential programs around areas for which the public already believes CPAs to ‘own’. In addition, we do not endorse a particular tax credential.”
An unenrolled preparer sees how others take advantage of the miss-conceptions of the designation and learns tax rules and regs to help people through what can be a very taxing time (no pun intended).
I question your thinking when you say a man with over 35 years in the tax preparation industry has no credibility. I only have 23 so I must not have any either?
Hummmm, let’s look at my background a bit:
a) A Masters in Accounting
b) Formally employed by this countries (at the time) Largest Accounting firms
c) Formally a CPA
d) 23 years preparing returns for taxpayers
Of the four listed in my mind, only qualifies me to call myself a tax professional. I can assure you it isn’t one of the top three.
“There simply is no higher accounting designation.”
Thus, if the Internal Revenue Code imposes an affirmative duty on taxpayers to maintain good books and records, doesn’t that alone explain why CPAs are uniquely qualified to prepare tax returns and why many CPAs are drawn to the field of tax preparation?
Of course it does.”
You Pompous arrogant ass. Is your head so high in the sky that you are not getting enough oxygen?
True enough, the IRC does affirm duty to taxpayers to maintain good and accurate records. Alone that tells me (a former CPA) should seek advice from a CPA on how to keep those records not how or where to put them on a tax return.
It is my opinion that a good majority of the CPAs that are drawn to taxation and preparation do so for the money.
(Not to get off subject, but are you actually a licensed Tax Attorney, and a CPA? I know a few Lawyers and I’ll have to ask, to be sure, but I think like the AICP, there is nothing out there for Lawyers to hold actual “tax” credentials. If I am wrong please correct me, do you have some designation that says you’re a Tax Lawyer? If so, what is it?
As for not being bound by professional standards, I find it hard to understand why I have to point out to a designated pro that we (The Unenrolled prepares) are bound by the same rules in Circular 230 as you are. Maybe you should read it some time.
A while back, I post Who is: a post that defines different titles. If you want to see the entire post please click on the link Who is: Below is a brief recap:
A Tax Attorney - Typically large and even small businesses will meet with a tax attorney once every quarter or once a year to ensure that they are making the best possible business choices with regards to investments and tax issues. Since the taxation, laws change constantly.
A Bookkeeper – is responsible for keeping accurate, up-to-date business records for proper cash flow management, balance sheet preparation, and developing expansion and investment plans.
Accountants – keep track of a company’s money.
Enrolled Agent – is a federally authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.
Tax Preparer – an individual who prepares tax returns.
Other post from the “taxguy” blog that may be related to the taxpayer issue mentioned in this post.
Choosing the Right Representative
5 Worst Things You Can Do if You Get an IRS Collection Notice a Guest post from Peter Pappas. . .
How to Avoid IRS Penalties and Interest
Picking A CPA With Too Much. . .
The Truth About Paying Fewer Taxes.
I read a lot about the taxing world. Often I am searchingto find books to recommend to my clients to give them a better understanding how a tax return works and what is needed to make it work best and what they can do to minimize their liability. The Truth About Paying Fewer Taxes is by far the best book I have ever come across to accomplish just that.
The Truth About Paying Fewer Taxes is a book with “52 Truths” about taxes. It plainly answers questions like ”do you have to file?”, to “when?”, to figuring out just what is taxable all the way through to retirement. Also covering Compliance, Audits, and Special Tax Situations The Truth About Paying Fewer Taxes will give you a better understanding of taxes, thus giving you what you need to cut your taxes.
The Truth About Paying Fewer Taxes, is a book written by Kay Bell. Kay is a fellow tax blogger (Don’t Mess With Taxes, Taxes: Eye on the IRS), She helped create Bankrate.com’s tax channel and continues to be a major contributor to Bankrate’s Tax Guide. I have had occasion to talk with Kay on the phone, and I communicate regularly with her via Twitter.
Kay’s writing is beautiful and gentile, like reading a great novel.
You can see a full list of the 52 truths just by looking at Barnes and Nobel’s Feature tab for The Truth About Paying Fewer Taxes Each one of the truths is explained in detail and in plain language, so you can save money and understand why you’re saving money.
I have been recommending this book to every one of my clients, and will continue to do so from now on.
I have a signed copy (yes, signed by Kay Bell the author) of The Truth About Paying Fewer Taxes and will be giving it away here.
How to enter:
Each of the following will count as one entry for a chance to win.
Please read the Contest Terms below.
ü Leave a comment on this post stating how you prepared or will prepare your taxe return. (self, fast-food chain, CPA, software, free-file, Other-please describe)
ü Subscribe to my RSS feed and leave a comment below to let me know you did so, or
ü Subscribe to my email feed leave a comment here using the same email address with which you subscribed. (this will gain you two entries for the drawing)
ü Blog about this contest and link back here from your blog. (Leave me a comment and link to your blog post here to let me know.)
ü Follow me on twitter – @bruce_taxguy. Leave a comment here with your twitter username.
ü Tweet about this contest and leave a comment to let me know you did so.
Bonus Entries: Leave comments on other posts on this blog. If you’re new to taxguy, visit earlier posts. The comment(s) must show some thought and not just “I agree” or “Great idea.” Come back to this post and let me know which post(s) you commented on. Each approved comment will gain you an additional entry.
Contest Terms
Ø The contest begins now and ends at 11:59PM EST on March 17th, 2009. Comments to this post will be closed at that time.
Ø 1 winner will be randomly selected using a random integer generator at random.org.
Ø I will contact the winner via the email address used to comment here.
Ø The winner will have 3 days to respond with necessary contact information for mailing prize. (I will send a 2nd notification email after 2 days if we have not heard back.)
Ø If the winner does not respond after 4 days, a new winner will be selected from remaining entrants.
Prize Terms
While I will do my best to ensure proper delivery of the winners autographed copy of The Truth About Paying Fewer Taxes, I am not liable for non-delivery due to:
v Incorrect mailing and contact information provided by the winner
v Loss or error on the part of the postal service or delivery personnel
v Any other matter beyond my control
"Taxing" Lessons Learned…
“Taxing” Lessons Learned…
This is the finial addition to my series “Mistakes made when choosing a paid tax preparer”.
I want to first personally thank everyone who submitted a guest post. Thank You.
I hope this series full of Free information has opened your eyes to the lessons about filing your taxes with a paid tax practitioner.
Some people having read this whole series will conclude — oh well, “I’ll just file my taxes to Uncle Sam myself. It doesn’t seem like that big of a deal anyway”
With all due respect, this kind of attitude can get you is some hot water if you don’t watch out! Choosing the right tax professional is an investment of time and money, and I will add, a wise investment indeed. I say “wise” because the consequences of a misfiled tax return, an incorrect tax return or a late/penalized tax return are awful in the short and long term. Do not put yourself through the ongoing pain and agony of dealing with angry IRS agents and uncompromising auditors who’ll take you to the cleaners if you’re even the least bit sloppy.
Oh, you say you didn’t mean to make that mistake? Oh, you say you didn’t know you had to do this or that? Tough beans. Tax auditors eat these kinds of excuses up and spit out big red marks with lots of zeros on a line which says: YOU OWE!!!!
Unless you are Bill Gates, these are not dollar figures you like to see in the red column. No one wants to pay unexpected bills, especially back taxes!
Now I’ll tell you a bigger problem.
Unclaimed refund money taxpayers never receive because they had no idea they were entitled to a certain deduction or they never filled out a particular form that automatically got them more money. The worst part is you don’t have extra money in your bank account or even in your pocket right now because you didn’t get a tax preparer who knew what they were doing to help you file in recent years. Statistically speaking, you could be out as much as $1,300.00 in back refund money because you choose to file by yourself. (Ouch!)
My clients wouldn’t take that chance. They’ve chosen a quality tax professional.
I ask those of you who have never hired a professional preparer, this year, hire one and ask to let them review your previous 3 years of tax returns (I don’t charge for reviews – if there is a 1040X then there are charges)at the same time. You might have some “buried treasure” lying around in your files and not know it.
Take action now … Before the deadline!
Most taxpayers procrastinate. I hope you are not one of them…
(My office is now scheduling appointments for the up-coming season)
Prepare your taxes on-line With L & R Tax Preparation
L & R Tax Preparation
Tax Preparation, Payroll, and Accounting,
Including online services.
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