Trust Your Tax Return to the Professionals
A question millions of US citizens annually ask themselves prior to April 15th.
Should you DIY or trust your tax return to the professionals?
Every year many thousands of modest, honest and hardworking US citizens discover they owe the IRS still more money upon completion of their tax returns. It’s a lousy feeling. Now imagine, instead of owing hundreds or thousands of dollars, you owe hundreds of millions of dollars in unpaid taxes? How would that feel?
That’s exactly what happened to one Colorado woman. Upon completion of her return she stared in disbelief and horror at the amount of taxes owed, $216,399,508. The taxpayer in question is a part-time worker who makes about $10 an hour at a thrift store. The woman decided to prepare her own taxes and used Turbo Tax, a popular tax software application.
Because of a glitch in the IRS software, Turbo Tax made an error related to the woman’s federal taxable income.
The company did confirm the error on its part and it’s working to resolve the issue. According to reports, there were several taxpayers in Colorado who experienced similar issues.
Preparing your own taxes can save you some money. But in these cases, not time nor peace of mind. Having an experienced tax professional and accounting firm do you tax preparation for you is always a good idea, particularly if your tax or financial situation is complicated. If you have a complicated tax issue, we suggest contacting your current expert tax prepare.
We hope you found this article about “Trust Your Tax Return to the Professionals” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Considerately yours,
GROCO, GROCO Tax, GROCO Technology, GROCO Advisory Services, GROCO Consulting Services, GROCO Relationship Services, GROCO Consulting/Advisory Services, GROCO Family Office Wealth, and GROCO Family Office Services.
Alan L. Olsen, CPA, Wikipedia Bio
Proud sponsor of the AD Show.
Effective Uses of Trusts in Estate & Gift Tax Planning
Effective Uses of Trusts in Estate & Gift Tax Planning Function of Estates An estate is a legal entity that originates upon the death of an individual. An estate is set up to administer all legal affairs of the decedent to be settled and to distribute the assets owned by the decedent. Once all estate…
Real Home Owners Relief
Real Home Owners Relief The sub-prime mortgage debacle is still playing out nationwide, with new home sales plummeting 61 percent since January, foreclosure rates doubling, and the number of borrowers 90-days or more in areas growing. In Northern California, East Bay homeowners – particularly, those residing in Contra Costa County, where many buyers make their…
8 Steps for Getting Out of Debt
8 Steps for Getting Out of Debt The average American spends a great deal more than they make every year. This results in a financial pitfall later in life. If you find yourself digging deeper into the empty wallet, here are ten steps you can use as a crutch to help free yourself of the…
6 Tips to Consider When Faced With Foreclosure
6 Tips to Consider When Faced With Foreclosure By Alan L. Olsen, CPA, MBA (tax) Managing Partner Greenstein, Rogoff, Olsen & Co., LLP Updated: 10/9/12 Many find themselves faced with foreclosure in the world today. Sometimes the circumstances leading to foreclosure isn’t your fault. If faced with foreclosure, most likely you want to know what…