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.
Customer Centered Leadership with Daniel Hammond
Alan Olsen interviews Daniel Hammond about customer centered leadership for Alan’s American Dreams show. Transcript: Alan Olsen Welcome to American Dreams. My guest today is Dan Hammond. Dan, welcome to today’s show. Daniel Hammond Alan, thank you so much for having me. Alan Olsen So Dan, you have an amazing entrepreneurial journey and,…
Investing and Networking: Richard Wilson Family Office Club
Richard Wilson is the Founder and CEO of Family Office Club. Since launching in 2011, Richard has grown his firm into one of the leading networks for family offices, wealth advisors and investors worldwide. His work has been featured in Forbes, Bloomberg Businessweek, The Wall Street Journal and other media outlets. With more than a…
The Family Office Club with Richard Wilson, CEO and Founder
Today, American Dreams host, Alan Olsen, sits down with Richard Wilson, CEO, the Family Office Club. Transcript: Richard Wilson And then I said, Okay, who’s gonna pay a 22 year old kid $100,000 a year to do something I’m not bored have to didn’t want to do the risk consulting and I figured out I…
Unlocking the Potential of your Second 50 Years: Kathleen Adams, Co-Founder of Second 50 Financial
American Dreams host, Alan Olsen, sits down with Kathleen Adams, co-founder of Second 50 Financial. Second 50 Financial, a company that empowers successful entrepreneurs and executives to plan for and envision a second 50 years filled with financial confidence, opportunity, and vitality. As a financial planner for over 20 years, Adams is in the business…