The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month, the Treasury Department said on Wednesday.
Receipts in April -- mostly from income taxes -- were $245.27 billion, up from $153.36 billion in March but lower than the $266.21 billion taken in during April 2009. Receipts from individuals, who faced an April 15 filing deadline for paying 2009 taxes, fell to $107.31 billion from $137.67 billion in April 2009.
The U.S. full-year deficit this year is projected at $1.5 trillion on top of a $1.4 trillion shortfall last year!
"Due to incorrectly filed returns, many taxpayers have already donated hundreds of millions of dollars to the IRS!" said Michelle Boyer CPA, of Boyer Tax Services, P.L.L.C. - the largest online tax preparation and tax reduction planning resource, announced.
With this large government deficit, stay clear of the IRS cross hairs! Now more than ever it’s extremely important to make sure your tax returns are filed correctly.
Astonishingly, misreporting of income not only effects those who self-prepared using tax software programs such as TurboTax® or H&R Block At Home™, but it also plagues those who used a paid preparer. With a wizard-like interface, tax software programs are narrowly focused "cookie cutter" approaches to our tax code of over 60,000+ pages of regulation.
For those of you who hired an accountant or CPA, we have found that a general review could reveal costly mistakes. Although you may have paid your tax professional good money to prepare your returns, the ultimate burden of responsibility lies with you, the taxpayer.
Racing to beat the April 15th deadline creates what we call "tax time anxiety". This leads to poor judgment and mistakes that cost you thousands of dollars in additional taxes. Unfortunately, the FDA does not recognize "tax time anxiety" as a medical condition nor is there approved medication for treatment. The good news is there is a cure! And yes, it could be tax deductible!
The common phrase "haste makes waste" is particularly true when it comes to the complexities of preparing tax returns. Being rushed when gathering records creates a multitude of opportunities for errors even with the most organized and detail minded people. During tax season, most tax professionals are overwhelmed. The available time to spend on each tax form becomes stretched thin. Chances of poor judgment and errors are statistically higher during this time. These costly mistakes are compounded with preparers who lack organization skills and work ethics.
There is high probability that you failed to capture certain tax deductions or missed a tax code change that could reduce your tax liability. In addition, you may have been given bad advice from a professional preparer or tax software program.
Don't become the co-signer on 2.9 trillion of projected government debt!
To help ensure accuracy, maximize your tax savings, and reduce your chances of being audited, consider the following for your 2009 tax return.
Amend your tax return - Many worry that an amended return will increase the chances of an audit. The IRS clearly states that this is not the case. An amended return is much better than an incorrect return. Always take into consideration, filing an amended return. A correctly amended return will decrease your chances of being audited and could put additional cash back into your pocket!
Carefully select a knowledgeable tax professional - You are urged to use care and caution when choosing a tax preparer. Remember, you are legally responsible for what is on your tax return even if another individual or firm prepared it. Most tax return preparers are professional, honest and provide excellent service to their clients. However, unscrupulous tax return preparers do exist and can cause considerable financial and legal problems for their clients. Therefore, it is important to find a qualified tax professional.
The IRS has provided the following tips to help you choose a preparer who will offer the best service for your tax preparation needs.
Report abusive tax preparers and suspected tax fraud to the IRS on Form 3949-A, Information Referral or by sending a letter to Internal Revenue Service, Fresno, CA 93888. Download Form 3949-A here or order by mail at 800-829-3676.
Boyer Tax Services, P.L.L.C. Discounted Flat Rate Tax Return Review Service
Stay clear of the IRS cross hairs! Let our tax professional review your return now to ensure accuracy. Now more than ever it’s extremely important to make sure your tax returns are filed correctly. Our new discounted flat rate is only good until the end of the month! For more information visit our Tax Return Review Service page.
Receipts in April -- mostly from income taxes -- were $245.27 billion, up from $153.36 billion in March but lower than the $266.21 billion taken in during April 2009. Receipts from individuals, who faced an April 15 filing deadline for paying 2009 taxes, fell to $107.31 billion from $137.67 billion in April 2009.
The U.S. full-year deficit this year is projected at $1.5 trillion on top of a $1.4 trillion shortfall last year!
"Due to incorrectly filed returns, many taxpayers have already donated hundreds of millions of dollars to the IRS!" said Michelle Boyer CPA, of Boyer Tax Services, P.L.L.C. - the largest online tax preparation and tax reduction planning resource, announced.
With this large government deficit, stay clear of the IRS cross hairs! Now more than ever it’s extremely important to make sure your tax returns are filed correctly.
Astonishingly, misreporting of income not only effects those who self-prepared using tax software programs such as TurboTax® or H&R Block At Home™, but it also plagues those who used a paid preparer. With a wizard-like interface, tax software programs are narrowly focused "cookie cutter" approaches to our tax code of over 60,000+ pages of regulation.
For those of you who hired an accountant or CPA, we have found that a general review could reveal costly mistakes. Although you may have paid your tax professional good money to prepare your returns, the ultimate burden of responsibility lies with you, the taxpayer.
Racing to beat the April 15th deadline creates what we call "tax time anxiety". This leads to poor judgment and mistakes that cost you thousands of dollars in additional taxes. Unfortunately, the FDA does not recognize "tax time anxiety" as a medical condition nor is there approved medication for treatment. The good news is there is a cure! And yes, it could be tax deductible!
The common phrase "haste makes waste" is particularly true when it comes to the complexities of preparing tax returns. Being rushed when gathering records creates a multitude of opportunities for errors even with the most organized and detail minded people. During tax season, most tax professionals are overwhelmed. The available time to spend on each tax form becomes stretched thin. Chances of poor judgment and errors are statistically higher during this time. These costly mistakes are compounded with preparers who lack organization skills and work ethics.
There is high probability that you failed to capture certain tax deductions or missed a tax code change that could reduce your tax liability. In addition, you may have been given bad advice from a professional preparer or tax software program.
Don't become the co-signer on 2.9 trillion of projected government debt!
To help ensure accuracy, maximize your tax savings, and reduce your chances of being audited, consider the following for your 2009 tax return.
Amend your tax return - Many worry that an amended return will increase the chances of an audit. The IRS clearly states that this is not the case. An amended return is much better than an incorrect return. Always take into consideration, filing an amended return. A correctly amended return will decrease your chances of being audited and could put additional cash back into your pocket!
Carefully select a knowledgeable tax professional - You are urged to use care and caution when choosing a tax preparer. Remember, you are legally responsible for what is on your tax return even if another individual or firm prepared it. Most tax return preparers are professional, honest and provide excellent service to their clients. However, unscrupulous tax return preparers do exist and can cause considerable financial and legal problems for their clients. Therefore, it is important to find a qualified tax professional.
The IRS has provided the following tips to help you choose a preparer who will offer the best service for your tax preparation needs.
- Check the person’s qualifications Ask if the preparer is affiliated with a professional organization that provides its members with continuing education and resources and holds them to a code of ethics.
- Check on the preparer’s history Check to see if the preparer has any questionable history with the Better Business Bureau, check for any disciplinary actions and licensure status through the state boards of accountancy for certified public accountants; the state bar associations for attorneys; and the Office of Professional Responsibility for enrolled agents.
- Find out about their service fees Avoid preparers that base their fee on a percentage of the amount of your refund or those who claim they can obtain larger refunds than other preparers can.
- Make sure the tax preparer is accessible Make sure you will be able to contact the tax preparer after the return has been filed, even after April 15, in case questions arise.
- Provide all records and receipts needed to prepare your return Most reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions and other items.
- Never sign a blank return Avoid tax preparers that ask you to sign a blank tax form.
- Review the entire return before signing it Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it.
- Make sure the preparer signs the form A paid preparer must sign the return as required by law. Although the preparer signs the return, you are responsible for the accuracy of every item on your return. The preparer must also give you a copy of the return.
Report abusive tax preparers and suspected tax fraud to the IRS on Form 3949-A, Information Referral or by sending a letter to Internal Revenue Service, Fresno, CA 93888. Download Form 3949-A here or order by mail at 800-829-3676.
Boyer Tax Services, P.L.L.C. Discounted Flat Rate Tax Return Review Service
Stay clear of the IRS cross hairs! Let our tax professional review your return now to ensure accuracy. Now more than ever it’s extremely important to make sure your tax returns are filed correctly. Our new discounted flat rate is only good until the end of the month! For more information visit our Tax Return Review Service page.
No comments:
Post a Comment