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.
Top Tips to Remember When You Can’t Pay Business Taxes
Business taxes can be a nightmare for a lot of companies; especially small businesses that are trying to stay afloat. Things can get even tougher when it comes time to file your return and you end up on the wrong side of the ledger. So what should you do if you end up owing more…
First Half of Current Fiscal Year a Record-Breaker for U.S. Treasury
It’s been another record year for the federal government so far, which is in the midst of its current fiscal year. At the end of March, when the government reached its halfway point of the 2016 fiscal year, it had already collected $1.48 trillion. One might think that this massive haul would help ease the…
Why Is Almost Half the Country Paying no Federal Income Tax?
One of the biggest tax debates that will likely always exist is whether or not the nation’s wealthy are paying enough in taxes? It’s easy for some to argue that they don’t but there are many factors that must be considered. Plus, all the while, nearly half of the country’s would-be taxpayers don’t actually pay…
Where Is Your Paycheck Going?
While many of the nation’s high net-worth individuals make much of their income through capital gains, those who still collect a paycheck are doling out of cash to the IRS every time they get paid. The same is true for all taxpayers no matter what income level they fall in. In fact, according to a…