The Tax Preparation Blog

Posts Tagged ‘tools’

Question: If tax consultant prepares my taxes, who is liable if consultant makes a mistake?

I am kind of confused regarding my tax preparations. I am aware of some tax consultants who might be able to get me more money than some of free/paid online tax softwares.

When I spoke to them then they are indicating that there are some exceptions in my case which might not be included in Tax Preparation Software.

I am wondering if some of these are not accepted by IRA who will be liable for the mistake/extra money that I might get in refunds. Does this comes back to me because I hired the tax consultant or the responsibility will fall on consultant since he is the expert. Please advise.

Thanks

Answer: You alone are reasponsible for the tax return that you sign and submit. Your signature attests that you have reviewed the return for accuracy and completeness.

Any “tax consultant” who claims that they can get you a larger refund or lower tax liability than anyone else is both lying and breaking the law. There are plenty out there who are dishonest and will fudge a return for all it’s worth. When called to task, they’ll claim that you provided the information and they just filled in the forms.

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Question: Tax Refund HELP!!!?

my total income was 30,455 this year, i contributed $768 to my 401K, my federal income tax withheld was $1599, state was $1013, i have one child who was born on 9/23/07, and i will claim head of household as well this year. oh, and i have about $5,000 in medical bills ( i heard that is a deduction…) can anyone tell me a REAL answer as to what i should get back? i have tried the tax calculators, and have asked this question before- but i got such varied answers and friends have told me i am being grossly underestimated…

Answer: I’ve been doing taxes for about 11 years. Based on just that information I could not even help you out and do your taxes really quick and tell you the refund amount. You still will want to include whether you had rent or mortgage you paid, heat, school bills, etc.
As far as the medical bills you would only include them as an itemized deduction. In doing so the total amount of your itemized deductions( medical bills, mortgage interest, contributions to charity, car registration, etc) would have to be more than your standard deduction (head of household $7,500)
You would be selling yourself very short as far as a refund with the information you provided above. There’s a lot more I’m sure you’ll want to include.

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Dear Action Line: If I owe $10,000 in federal income taxes, is it cheaper to pay my taxes by credit card or by getting an installment agreement with the IRS? — W.K., Tulsa.

Question: What can i claim the the tax back on for being self employed?

Hiya Guys not being horrible but please can only the people in the uk answer this with recent or current experience as its based on uk self employed assesment form. basically i recieved a letter through the post explaining dead line for self assement tax return is in october or January if your completing it online. Please can you help me out with a list i can submit with my tax return to claim back i know i can claim the following any others would be great thanks.

-Petrol
-Tools
-Materials
-Car Maintance(as its used for work)
-Phone Bill
-Work Clothes

Also am i able to include my car insurance as its used for work ???

Cheers Guys Much appreciated

Answer: Tell the tax you bought a new car for under 2050 get a friend to make a receipt up( they don’t check under 2100}
You will end up with full tax relief on the motor.
If you have a dog you can get relief on it’s food stating it’s a guard dog also expenses on dining clients and lunch breaks too (cost of food )
You can claim a part or whole depending what you tell them you use the car for, if you tell them the car is for sole use for your Business you can claim it all if you take your motor out and have an accident at night tell them you were on your way to look at a job in that case you would get the whole tax refund.
Hope this helps good luck

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Question: I bought a home in Canada am i entitled a tax rebate on my income taxes?

I just purchased a used home (my first home i am a first time home owner)…the closing date was in November of 2008…Am i entitled to a tax rebate on my income tax return…I heard somewhere that I am entitled to a $750 claim on my Canadian income tax return…is this true?…if it is what do i need to prove on my income tax return…THANKS!!!

Answer: Sorry the HBTC is only for sales closing after January 27 2009…

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

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