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.
Disruptive HR Models | Keith Kitani
About Keith Kitani Keith Kitani is the founder and CEO of GuideSpark. He’s a successful entrepreneur and software executive with over 20 years of experience building technology companies. He has been building Software-as-a-Service (SaaS) products and businesses since 1999 when he co-founded Presedia (a rapid eLearning company) and sold it to Macromedia in 2003. At…
Maintaining Relevance | Dirk Lorenz
About Dirk Lorenz Dirk Lorenz ventured out and acquired Fremont Flowers while only 21 and has owned and operated the business for over 25 years. Dirk takes pride in giving back to the community and has started several events at Fremont Flowers over the years such as Good Neighbor Day and Welcome Teacher Day. Dirk…
Is the Market OverValued? | Hal Heaton
About Hal Heaton Hal Heaton is a Professor of Finance at the BYU Marriott Graduate School of Business where he teaches advanced courses in finance and capital markets. Before joining the faulting at BYU, Hal worked at Boston Consulting where he dealt with strategic planning issues for large firms. He has also served on…
The Excitement of Starting Companies | Jim Castelez
About Jim Castelez Jim Castelez is the founder and CEO of Motiv Power Systems; a company that works to retrofits diesel trucks into electric vehicles. Before he founded Motiv Power Systems, Jim worked as Chief Architect at an EV start-up focused on designing electric buses. Jim received a BS in Engineering and Economics from…