If you're thinking about buying some tax software and preparing your own taxes this year, consider this: Off-the-shelf tax software is no substitute for knowing the tax code, with all of its complexities, loopholes, and hidden deductions. Frankly, it is so complicated that most Professional Tax Preparers specialize in a particular area, such as Large Corporations, or Trusts, or Partnerships, etc. Also, off-the-shelf tax software is no substitute for a competent, experienced Tax Professional. Yes, it is true that consumers can purchase this year's popular tax software for as little as $40.00 in some places. But you know the old saying: “You get what you pay for!”
Will this be the last year for the Affordable Care Act?
I don't want to see America regress backwards to the days when millions of people had no health care. However, as a Tax Professional, I have found it odd that this plan is being enforced through the tax code. After all, what do Income Taxes have to do with Health Insurance Coverage?? Going forward, I would like to see a plan which doesn't require so many arcane forms. Better yet, how about a plan which doesn't rely on the already-complex tax code and thus Tax Professionals, for its administration! The IRS indicates that some refunds will be held until February 15. Returns which claimed the Earned Income Credit or the Additional Child Tax Credit will not be processed until February 15, even if they were filed prior to that date. Effectively, taxpayers won't see their money until the last week in February if they filed electronically, and longer if they expect a paper check. Finally, starting this season, the IRS Taxpayer Assistance Centers throughout the country will now operate by appointment only. The days of taxpayers just walking into their local IRS office are over. Thus, the IRS further insulates itself and makes it that much harder for the taxpayer to get help. Blame it on budget cuts, I guess. : ) |
AuthorWade R. Crutchfield, L.T.C. Archives
December 2023
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