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.
If You Win the Big Jackpot Expect the IRS to Coming Knocking
Many people from all over the country enjoy gambling. Whether it’s big time poker, playing the slots or betting on sporting events, there are a lot of people who enjoy games of chance and the idea of winning something for nothing. Of course, most of the time, the house wins and the player walks away…
How Much Did California Taxes Affect NBA Free Agency?
The NBA finals are now in the rear view mirror, as is the league’s draft. In fact, the free agency period has largely ended as well, as far as the big-time impact players are concerned. It was an unusual year for free agency, as some of the most recognizable and marketable teams were mostly shut…
Which City Has the Nation’s Highest Sales Tax Rate?
Chicago is known as the Windy city and for good reason. However, thanks to a recent vote by Cook County commissioners, where Chicago calls home, it could now be called the tax city. That’s because Chicago, which already had a sales tax rate of 9.25 percent is jumping into the double digits after county commissioners…
You Could Be Paying More Taxes on Your Rhode Island Vacation Home
Many of the world’s wealthy enjoy the luxury of having a vacation home, or perhaps several vacation homes. Some people have homes in a sunny paradise, while others choose mountain locations where they can get away for a great ski vacation. One popular spot in the U.S. for vacation homes is Rhode Island. However, for…