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
-
Shareholders have accused Musk of enriching himself to the company’s detriment. In the midst of his ongoing revamp of...
-
Without pandemic-era loan accommodation, borrowers are falling behind. During the height of the COVID-19 pandemic, numerous aid and accommodation...
-
As Twitter changes hands, policies change as well. As of last Friday, social platform Twitter is officially the property...
-
Remote workers have brought in a tidy sum for several major carriers. While the COVID-19 pandemic has reached a...
-
The CPI rose another 0.4% in September. For the past several months, the United States Federal Reserve has been...
-
Musk appears to be backing down from his legal threats. For the last several months, Tesla CEO Elon Musk...
-
Amazon is looking to start the holiday shopping season even earlier this year. Typically, online retail giant Amazon holds...
-
Home Depot still maintains a healthy customer base despite economic concerns. Ongoing concerns of inflation have done a number...
-
A railway strike would severely impact the US economy. This week, representatives of the National Railway Labor Conference and...
-
Customers have been tipping less generously as pandemic restrictions relax. At the height of the COVID-19 pandemic, when many...
-
After years of exclusivity, Peloton is finally allowing third-party sales. Since it first launched as a company, exercise device...
-
Uber was first on the chopping block as SoftBank recoups losses. Recently, Japanese conglomerate SoftBank suffered a major loss...