
(Photo Source: boscpa.com)
How to get a bigger refund
Filing taxes can be complicated, and many people turn to professionals to do it for them. But how do you know if your tax preparer is legitimate? Maurie Backman, a reporter for USA Today, says to look out for a few red flags.
First, make sure your tax preparer has a PTIN, or a preparer tax identification number. “The IRS requires all individuals who get paid to prepare taxes, or assist with tax preparation, to have a preparer tax identification number or PTIN. This regulation has been in place for quite some time, so if the person you’re thinking of hiring doesn’t have one, look for someone who does,” Backman writes.
Also, look out for any tax preparer who promises you’ll get a big refund. A professional will never make such guarantees, Backman says.
“While it’s true that the majority of people who file a tax return wind up with a refund, that doesn’t mean you’re guaranteed to get one. And any tax preparer who promises to get you a refund, or a big refund, should be avoided,” Backman says. “Without reviewing your tax details thoroughly, there’s no way a preparer can legitimately promise a refund.”
If your preparer demands a cut of your tax refund as a fee for their service, that’s another red flag. “If that’s how your tax preparer makes his or her money, then there’s a good chance he or she will be tempted to take liberties with your return to snag a higher rate, and that’s not what you want,” Backman says.
Also, be wary of tax preparers who don’t offer audit support. If you get audited by the IRS, your tax preparer should be willing and able to walk you through the process, Backman says.
News o’Clock: What You Need To Know
-
Credit: Shutterstock If “Trump Accounts” weren’t on your radar before, they probably are now. After a high-profile Super Bowl...
-
Credit: Shutterstock Gold prices surged to a historic high this week, crossing the $5,300 per ounce threshold as strong...
-
Credit: Shutterstock Bitcoin, the world’s largest cryptocurrency, has stumbled below the closely watched $89,000 level, reminding investors just how...
-
Credit: Shutterstock Bitcoin is back in the spotlight — and it’s making waves. The world’s largest cryptocurrency surged past...
-
Credit: Shutterstock Gold is having a moment — and it’s a big one. As global uncertainty rattles markets, gold...
-
Credit: Shutterstock Bitcoin gave the crypto community plenty to talk about this Christmas Eve, as prices dipped toward the...
-
Credit: Shutterstock For many Americans, opening a first savings or checking account is a milestone—maybe it’s where birthday money...
-
Credit: Shutterstock For many consumers, fully embracing digital banking remains a significant hurdle. Even as the digital landscape matures,...
-
Credit: Shutterstock A surprise economic plot twist may be brewing as America heads into the new year: millions of...
-
Credit: Shutterstock In a year when many Americans are clipping coupons, stretching paychecks, and comparison-shopping more than ever, one...
-
Credit: Shutterstock The conversation around potential $2,000 “tariff dividend” checks reached a new peak this week after President Donald...
-
Credit: Shutterstock When President Donald Trump unexpectedly announced plans for what he called a “$2,000 dividend” for the majority...