This Is How We Saved Our Tax Client From Owing Taxes On TurboTax

One of our clients, Crystal, decided to go online and try filing her taxes herself.

I mean its FREE right, why not?! 

And even if she didn’t know what she was doing.

She would still give it a shot and hope for the best.

What’s the worst that could happen?

What Crystal didn’t realize (as for a lot of Americans). A high percentage of people who do their taxes online, are doing them inaccurately. 

How do we know? 

Because TurboTax will purposely offer you to upgrade, just so you can do it “accurately.” But for a FEE of course. 

Crystal ended up putting in all her information that she could remember off of the top of her head into TurboTax…

When she got to the final page to see how much money she would get back….

Crystal ended up owing $1347!

But how could she owe? She paid her fair share in taxes..

Confused by the amount, she did some research and came across @Ingramtaxes on Tiktok, and InstagramShe wanted to get some sort of second opinion.

Crystal ended up getting a free estimate with ingramtaxes.com

And low and behold, we realized she was leaving a bunch of MONEY on the table.

Crystal went to college and paid her tuition in 2021! The interest on her college tuition paid, is totally deductible.

As soon as we entered in her new numbers… Her refund went from her owing $1347 to her getting back $4690. All because she did her due diligence and received a free tax refund estimate.

Click here to receive your free tax refund estimate.

What to Know About Filing Taxes

Filing taxes last year was complicated and filled with last-minute changes. This year’s tax-filing season should be easier, but there are still plenty of new issues to deal with if you lost your job, started a new job or freelance work, collected unemployment benefits, had a baby or other life changes in 2021. You may also need to take extra steps when you file your income tax return if you were eligible for extra stimulus funds or advance child tax credits. You may have special issues to deal with this year, even if your taxes are usually simple. However, there were still some other COVID-related benefits that did not continue into 2021. For example, there is currently no tax break on unemployment benefits received in 2021, but we can’t rule out Congress passing a last-minute tax break like they did last year. Meanwhile, some new laws will help filers this year. Among them is the expanded $600 charitable deduction for married couples who don’t itemize and a larger break for child and dependent care expenses.

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There are also some tax benefits to consider when it comes to saving for college, paying for medical care and supporting your local economy. Here’s what you need to know about filing your taxes and making the most of your benefits. How to File Taxes? There are several options for filing your taxes. You can do them yourself, use tax software, go to a tax preparer in person or virtually, or help from a CPA or enrolled agent. There are different levels of support and costs depending on the complexity of your situation. You may be able to file your taxes for free through IRS Free File if your income was below $73,000 in 2021. With this program, several online tax preparation companies partner with the IRS to offer free tax-filing services. See the IRS’ Free File page for more information. Free File opens on Jan. 14, and returns will be submitted to the IRS starting on Jan. 24. When to File Taxes Whether you’re due a refund or owe money to the IRS, you need to make sure you file your taxes before the deadline. It can be challenging to catch up, but there are a few key dates to know for filing your 2020 taxes. The IRS will begin accepting 2021 returns on Jan. 24, 2022. You should wait until you receive your key forms to file, such as your W-2 from your employer and any 1099 forms reporting earnings from other sources, such as interest, dividends, self-employment and unemployment compensation.

Most of these forms must be sent by Jan. 31, although brokerage firms have until Feb. 15 to send some 1099s. You can import your W-2s and 1099s into your tax preparation software if you work with a tax filing service such as TurboTax. Be on the lookout for a letter from the IRS this year reporting how much you were due in the advance payment of the child tax credit and how many qualifying children were used to calculate that payment. This information will help you reconcile the amount of tax credit you received with what you were eligible for. The IRS will send letter 6475 to everyone who received the third round of economic impact payments. This letter is used to help you determine whether you are eligible for a refund of any stimulus money you received. If you did not get all of the third stimulus payment or you had a baby, you may be eligible for more stimulus in the form of a recovery rebate credit, but you’ll need this letter to correctly report the amount of the third stimulus that the IRS issued in 2021 to be able to claim a recovery rebate credit.

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When are Taxes due? If you’re an American citizen living in Massachusetts, Connecticut, Florida, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas or Virginia, your federal income taxes are due on April 18, 2020. However, you may not need to file until April 19 if you’re also a resident of Maine or Massachusetts. For example, the due date for federal income tax returns is May 16 for residents of certain areas of Colorado affected by the December wildfires. The due date was also extended to May 16 for Kentucky, Illinois and Tennessee residents whose addresses are within the FEMA-declared disaster zone from the tornadoes. “States have the option to choose whether to conform to federal due dates,” he says. The earlier you file, the sooner you can get your refund and the less likely that an identity thief will claim it before you do. Most people get their refunds quickly, even if you owe money, but the IRS can’t give you a refund involving the earned income tax credit or additional child tax credit until mid-February.

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The quickest way to get your refund is to file electronically and have your refund deposited directly into your bank account. “Returns should be e-filed whenever possible and payments can be made at irs.gov/payments. We’re currently seeing responses 20 months or more on items mailed to the IRS. Tax season is upon us, and tax filing should be done timely and efficiently. Hiring a professional is one efficient way to file your taxes and learn everything about taxes. It can help save time and money, while also ensuring that your taxes are filed correctly. If you would like more information on this subject or any other business consulting services we offer, please get in touch today by calling/texting us us at +1 866-824-1440 or email us at info@ingramtaxes.com. We look forward to helping you get set up and ready to pay taxes this year!

What Are Tax Professionals and Why You Should Hire One.

If you’re like most Americans, you procrastinate about your taxes until the day before they are due. And if you have a lot of deductions and credits that require itemizing your tax return, it’s likely even worse: You probably put it off until April 15th.

Tax season is upon us. That means one thing for most of us: stress. One of the most stressful parts of tax season is filing your taxes. We don’t know why it’s so hard to file our taxes, but it is. It takes a lot of time, and we must fill out a lot of complicated forms (which can be confusing). When you work for yourself, you must deal with a lot of taxes. If that isn’t something you want to deal with, it’s the time to hire freelance personal tax professionals. A tax professional will be able to give you peace of mind, save you time and get you the most money possible.

 Nothing is more important than protecting your business, yet many small companies and self-employed individuals struggle with the complexity of tax regulations and are unsure of where to turn for help.

However, the good news is that there are professionals who specialize in tax advice for businesses. Hiring a Tax Advisor will save you hours – even days – of frustrating research. When you hire an accountant, they give you peace of mind that you are complying with federal and state laws, and they’ll save you time filling out those complicated forms. You’re going to need someone who is not just a tax professional, but also has experience with small businesses and freelancers. That way they know exactly how to get your taxes done right and in a timely manner. They should be able to give you great advice and specialize in areas relevant to your business.

Tax preparation for individuals and businesses is a complex and confusing task. For most people, it’s something they don’t want to deal with and leave to the professionals. There are many benefits of hiring a tax professional:

– Hiring a professional can save you time filling out all those complicated tax forms

– Hiring a professional will ensure that you’re complying with federal and state laws

– Hiring a professional can reduce errors on your return or filing

– Hiring a professional may improve your chances of getting the most generous refund possible

 With all these reasons, it’s clear why you should hire a tax professional. Don’t let the IRS intimidate you. Hire a tax professional to help you with your taxes. It can be hard to fill out your taxes without help, especially if the instructions are unclear. That’s why many people hire tax professionals to help them file their taxes.

Conclusion: As you can see, there are many benefits to hiring a tax professional. When you’re done filing your own taxes, you may find yourself making the same mistakes year after year. Hiring a professional can help save time and money, while also ensuring that your taxes are filed correctly. Here at IngramTaxes.com, we’re dedicated to helping all our clients receive the best possible results when it comes to tax preparation and filing. Contact us today for more information about how we can help you! If you are looking for the best tax filing services, we can help. Please get in touch today by texting/calling us at +1 866-824-1440 or email us at info@ingramtaxes.com. Our professional team is available to take care of your needs and make sure you get what is rightfully yours.

Here are some smart tips anyone can follow to help make the process of filing your taxes less of a headache | According to accountants

Tax season is a time-consuming task that should not be taken lightly. There are many things that can go wrong and end up in a hefty tax bill. The first thing you should do is make sure to give yourself enough time to complete your filing. In addition, you should make an appointment with a tax advisor as soon as possible, so they can help you avoid any surprises or issues with the IRS.

In order to make your tax season less of a headache, it’s always best to be prepared and stay informed about what’s going on within the government and what changes may affect your taxes.

Don’t rush your filing. You’ll often find more than one way to complete the process more efficiently and time will always fly by so you should never feel panicked.

Brandon Berquist, a CPA & tax specialist at Personal Capital says “It is important to take the time to organize the information you’ll put on your tax return and make sure you understand all of the events that occurred this year which will be reflected in it. Your business accountant will collaborate with you to file an accurate and complete tax return.”

Contrary to popular belief, you don’t have to start and finish your taxes in one sitting. Breaking them down into smaller parts may make the process seem less daunting. He suggests you start early and complete the return in stages, which can be easier. You’ll also have the opportunity to review it multiple times before you’re finished.

Focus on being organized all year-round.

April can be stressful due to the amount of paperwork involved in filing taxes. Instead of sifting through paperwork and searching for receipts, George Birrell, CPA and Founder of TaxHub, recommends organizing yourself and finances at different intervals throughout the year. “You need to be organized all year round or at least organize yourself and finances at different intervals throughout the year.” 

To avoid scrambling for paperwork at the last minute, Birrellrecommends keeping receipts, invoices, and organizing expenses digitally throughout the year.

If you can’t afford to pay your taxes, they may not be that far behind in filing them. If this is the case, you should file your tax returns on time and wait to see what happens before taking any further action.

Stay on top of your filing with good use of your calendar and alerts. Even if you cannot pay the filing deadline, it’s important to file as soon as you can.

“You will be penalized by about 5% of the unpaid taxes for each month or part of a month that your return is late,” advised finance expert Andrea Woroch. “Even if you can’t pay any outstanding taxes, it’s important that you file your tax return on time. This way, you avoid paying penalties and make sure to receive a refund. Keep in mind: the failure-to-pay penalty is less than the failure to file penalty.”

Check what deductions you are eligible for.

Deductions aren’t just buzz words — they matter when you’re filing taxes. Empowering yourself by knowing which deductions apply to you is important. Paul Sundin, a CPA and tax strategist at Emparion, says deductions that might apply include medical expenses like the costs of diagnosis, cure, mitigation, treatment. Sundin also points out mortgage interest payments count as a deduction if the total comes out to $600 or more. Don’t forget about other charitable donations you may have made when filing your taxes! Cash donations over $250 or non-cash donations worth over $500 that came with written confirmation will be counted.

 

 

 

 

 

 

 

File your tax return early to get the refund you’re expecting

Some people know right away if they’re eligible for a refund or entitled for a rebate. That’s a good incentive to get a refund earlier rather than later and take one more task off your plate. And if there’s ever anything holding up your refund, you can use that buffer.

“The sooner you file your taxes, the sooner you’ll get your refund. Plus, filing early can help reduce data entry errors and save on tax dollars.” Bruce Bailey, a CPA and professor at University of Massachusetts Lowell. If you need to use your refund for something important, don’t wait until you have all the documents in order. File as soon as possible so your application can be processed.

 

 

It’s important to find out when would be best to hire a tax expert. Know the right time by finding out more about your industry tax rates, operating hours, and even payroll.

If you’re not 100% certain about deductions or know the answer to any of these questions, hiring a professional might be in your best interest. People may think they’re saving money by doing their own taxes, but they might end up paying more if they miss out on deductions or don’t know the rules about income that doesn’t fit traditional categories.

Instead, “Work with a tax preparer to figure out which personal or business expenses are deductible and determine what documents need to be saved” Dr. Salvador Gonzalez, a CPA and professor at Walden University advises.

Andrea Woroch adds it might be helpful to hire a professional especially if the last year included a major upheaval of one kind or another. “Maybe you got married, had a baby, moved out of state, or got a divorce in 2020 — it’s going to make filing more complicated than usual. Hiring a professional will give you peace of mind and stop mistakes from potential future problems. Even if you’re not in the midst of a life upheaval, an expert might be helpful to increase your efficiency. If you get easily overwhelmed or don’t have the time, then hiring an expert can feel like a saving grace. They’re not just a nice to have, but often necessary for businesses looking to stand out among competitors.

 

 

 

 

 

 

If you are looking for the best tax filing services, we can help. 

Please get in touch today by texting/calling us at +1 866-824-1440 or email us at info@ingramtaxes.com. Our professional team is available to take care of your needs and make sure you get what is rightfully yours.

Here at IngramTaxes.com, we’re dedicated to helping all our clients receive the best possible results when it comes to tax preparation and filing. 

 

Contact us today for more information about how we can help you!