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.
Martin Frey
Transcript: Alan Olsen: I’m visiting here today with Martin Frey, he’s a Guinness world record holder and, and also in individually has a passion for working with the youth and getting them off the internet and doing things in life. Welcome to today’s show. Thank you glad to be here. So Martin know, first of…
Restoring Quality of Life Through Joint Replacements | Alexander Sah
Transcript of Alexander Sah interview for the American Dreams Show, “Restoring Quality of Life Through Joint Replacements”: Alan Olsen: So just for the listeners, I’ve had personal experience with you. You’re my surgeon who helped you do a partial knee replacement. And thank you very much. But for the listeners here, can you give us…
Impact’19: Dr. Linda Farley
About Dr. Linda Farley Linda E. Farley, Ed.D, joined Girl Scouts Heart of Central California (GSHCC) in 2013 as its Chief Executive Officer. A lifelong advocate for youth development, Linda holds a doctorate in leadership from the University of St. Thomas, St. Paul. She has dedicated her career to creating opportunities for young people to…
Impact’19: Tom Kandris
About Tom Kandris Tom Kandris is a regional business leader from Northern California, and a serial entrepreneur and investor. Kandris spent the first half of his career entrenched in the semiconductor industry where he held domestic and overseas senior executive and board-level roles in major American, Japanese and European corporations. In 2000, Kandris cofounded PackageOne,…