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Helping Clients Avoid Two Common Tax Prep Scams
Even the most loyal tax clients can be vulnerable to advertisements or solicitations that promise to save them money on tax preparation services. After all, who wants to pay more for a service than they have to? But unfortunately, many of these “too good to be true” ads are just that—and for many victims, by...
High-State-Tax Taxpayers May Still Want to Itemize
Many taxpayers who live or work in states with high state income taxes let out a collective groan of frustration upon learning they would be limited to a $10,000 state and local tax (SALT) deduction after 2018. But even though the SALT deduction limits the tax benefit of living in a high-tax state, taxpayers could...
New Fees and Requirements Levied on Income Tax Preparers in 2019
If you're a tax preparer who is still winding down from Tax Day 2019, you may be interested in two major developments coming down the pike for those who plan to help others prepare their 2019 federal or state income taxes. IRS Can Start Charging for Preparer Tax Identification Numbers (PTINs) In...
Tweaking Taxes for 2019 and Beyond
For many whose tax returns are fairly static from year to year, the changes brought by the Tax Cuts and Jobs Act (TCJA) threw a monkey wrench into things. Even for those who will ultimately pay less in taxes for the 2018 tax year, the uncertainty as to how the TCJA will impact their total tax bill—and whether their...
Tax Extensions Save Clients Money
For many tax preparers, April 15 seems to roll around earlier each year. But when clients seem set toowe the IRS money at tax time, a tax preparer’s failure to timely request an extension can lead thetaxpayer to incur a hefty failure-to-file penalty of 5 percent of the unpaid bill per month.Once a taxpayer is five...
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