Paulette Marshall | Tax Preparation Consumer Guide

2014 Tax Season Date

by Paulette Marshall | Jan 23, 2014 | Tax Preparation

2014 tax season date is January 31, 2014.

Tax season will start later this year due to the 16 day government shut down.

The fastest way to receive your refund is through e-file.

Source IRS – 2014 Tax Season to Open Jan. 31; e-file and Free File Can Speed Refunds

“The government closure meant the IRS had to change the original opening date from Jan. 21 to Jan. 31, 2014. The 2014 date is one day later than the 2013 filing season opening, which started on Jan. 30, 2013, following January tax law changes made by Congress on Jan. 1 under the American Taxpayer Relief Act (ATRA). The extensive set of ATRA tax changes affected many 2012 tax returns, which led to the late January opening.”

With the new 2014 tax season date you can still come into our office now to get your income return

prepared before January 31st.

Having a later 2014 tax season date our software will hold the returns until January 31st.

“The IRS cautioned that it will not process any tax returns before Jan. 31, so there is no advantage to filing on paper before the opening date.”

Don’t let anyone fool you the IRS will not process returns before that date.

You will need all of your tax documents to file your income taxes this includes your W’2.

The April 15th deadline to file your income taxes on time is still in place.

You may still request a 6 month extension to file your taxes by filing form 4868.

Always remember that delays are possible with the new 2014 tax season date.

Many people will have sent in their returns to be processed on January 31st.

Make sure when you get ready to file your income taxes in 2014 that you received all your tax

documents.

Be patient with your preparer and the IRS there may be a system overload.

Your Tax and Accounting Coach,

Paulette Marshall

Sign of a Lousy Tax Preparer

by Paulette Marshall | Oct 28, 2013 | Tax Preparation

Signs of a Lousy Tax Preparer

It’s almost that time of year again.

The 2014 tax filing season will be here before you know it.

I wanted to share some tips with you regarding finding a tax preparer.

I came across an article that I wanted to share about signs of a lousy tax preparer.

Source MSN – 5 signs of a lousy tax preparer

“Taxes are hard enough without having to deal with a lousy — or worse, unethical — tax preparer who could set you up for an unpleasant audit down the line.”

First sign of a lousy tax preparer is your preparer promises a big refund.

There is no way to know if your going to get a refund until the preparer looks at the documentation.

Second sign of a lousy tax preparer is the preparer doesn’t have the proper credentials.

Your preparer should have an IRS issued Preparer Tax Identication Number (PTIN).

Each year a preparer must renew this PTIN with the IRS.

Third sign of a lousy tax preparer is your refund is not deposited into your bank account.

There is no reason that your refund is sent to someone elses bank account.

Much fraud takes place with this kind of actions.

You may only receive part or none of your refund if this happens.

Fourth sign of a lousy tax preparer fee is based on a percentage of your refund.

We have had potential new clients ask us if the fees are based on their refund.

The answer here at Liberty Accounting Plus is no!

“Reputable tax-prep firms charge a flat fee for their services, based on the size and scope of your tax return.”

We agree! You don’t want someone to play with the numbers so that you get a refund and they profit your return.

Most likely when the IRS finds the mistake the lousy preparer will be long gone.

Fifth sign of a lousy tax preparer is they are on the list at the Better Business Bureau with complaints.

The is a sure sign to run.

Becareful when choosing a tax preparer.

You want someone that you can find if you get a notice from the IRS, State and local goverment.

Unclaimed Tax Refunds

by Paulette Marshall | Mar 14, 2013 | Tax Preparation

Unclaimed Tax Refunds

There are many reasons that millions of Americans don’t file their tax returns.

Unclaimed Tax Refunds

The main reason is fear of owing.

I was talking to some tax clients who stated that they had a friend who had not filed her tax

returns since the early 1980’s.

I explained that she is probably leaving money on the table by not filing.

So I wanted to share this article regarding unclaimed tax refunds.

You only have 3 years to claim your tax refund from the year tax year that was due.

Right now the expiration is on for unclaimed tax refunds of 2009.

Source Yahoo News – $917M in unclaimed tax refunds to expire April 15

According to the IRS 917 million dollars in unclaimed tax refunds are set to expire.

This got me to thinking about the people who fail to file because they free that they owe.

You never know if you owe unless you prepare your return.

Having unclaimed tax refunds is losing money that you could use to pay bills or a prior debt

to the IRS site web.

Avoiding the IRS is not a good idea.

If you do owe taxes you can make payment arrangements.

Our tax firm is able to prepare your 2009 to present tax returns.

We can also make recommendations for changes to your W-4 so that you have enough

with-holdings from your pay check.

Your Tax and Accounting Coach,

Paulette Marshall

IRS Accepts Form 4562

by Paulette Marshall | Feb 11, 2013 | Tax Preparation

Starting this Sunday, February 10, 2013 the IRS will start accepting returns with

Form 4562 Depreciation and Amortization.

Source IRS – IRS To Accept Tax Returns with Education Credits , Depreciation Next

Week

“The IRS will be able to accept the education credits and depreciation forms

following the completion of reprogramming and testing of its systems. Work

continues on preparing IRS systems to accept the remaining tax forms affected

by the American Taxpayer Relief Act (ATRA) enacted by Congress on Jan. 2.”

If you have been waiting to get your return prepared due to this form you don’t

have to wait any longer.

The IRS is still working to release some other forms that have been delayed by

the American Taxpayer Relief Act. These will be released in March.

I will keep you up to date as these forms are released.

Below is a full list of the remaining forms:

List of IRS forms that 1040 filers can begin filing in late February or into March 2013

The following tax forms will be accepted by the IRS in late February or into March

after updating forms and completing programming and testing of its processing

systems. A specific date will be announced in the near future.

Form 3800 General Business Credit
Form 4136 Credit for Federal Tax Paid on Fuels
Form 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands
Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Form 5695 Residential Energy Credits
Form 5735 American Samoa Economic Development Credit
Form 5884 Work Opportunity Credit
Form 6478 Credit for Alcohol Used as Fuel
Form 6765 Credit for Increasing Research Activities
Form 8396 Mortgage Interest Credit
Form 8582 Passive Activity Loss Limitations
Form 8820 Orphan Drug Credit
Form 8834 Qualified Plug-in Electric and Electric Vehicle Credit
Form 8839 Qualified Adoption Expenses
Form 8844 Empowerment Zone and Renewal Community Employment Credit
Form 8845 Indian Employment Credit
Form 8859 District of Columbia First-Time Homebuyer Credit
Form 8864 Biodiesel and Renewable Diesel Fuels Credit
Form 8874 New Markets Credits
Form 8900 Qualified Railroad Track Maintenance Credit
Form 8903 Domestic Production Activities Deduction
Form 8908 Energy Efficient Home Credit
Form 8909 Energy Efficient Appliance Credit
Form 8910 Alternative Motor Vehicle Credit
Form 8911 Alternative Fuel Vehicle Refueling Property Credit
Form 8912 Credit to Holders of Tax Credit Bonds
Form 8923 Mine Rescue Team Training Credit
Form 8932 Credit for Employer Differential Wage Payments
Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit