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Oh you don't have too much time -- -- -- today right doing your taxes today are it will tax day is just a few weeks away and for most of us it can be so daunting.
But in today's take charge consumer protection segment we're gonna show you how to easily get through it.
By avoiding a handful of common mistakes we don't wanna hear from the IRS do we Patricia Powell I think founder and CEO Powell financial group thanks for coming in on this topic you said you like it -- -- -- wanna help people.
Not hear from the tax man -- woman I totally agree what's the biggest fear.
I'll pass that they so many isn't so many fears I might say that.
I'm -- I came to the taxes all by myself and and that's totally -- the IRS and the government has been expanding the tax code it's always changing it's always going -- you -- according to CCH.
Ink when they started attacks in the income tax it was that we had about 400 pages of regulations.
Now we have 74000.
Pages of regulations -- can keep up with but should you do it by yourself because those programs where you plug in your information.
Make it seem pretty easy well if you wanna be if you -- doing -- -- -- could do it yourself the better pay attention.
But yes you can do it yourself and you can -- some of those some of those programs that's a form -- help.
But make sure if you going to do that make sure that you're reading the instruction and not rushing ahead.
Make -- -- page by page don't just say next expect expect to get to the end there's a -- and make some steaks and we're gonna hit him up -- moment -- -- Well I'm ready now what are the mistakes that people make out whether it's a tax -- -- doing it for you or yourself.
For people on this tax breaks they miss them all the time.
And the funny thing about the IRS is if you all of them money no knock on you doing saved by the way you -- the money and here's the penalties.
But if you if they owe you money.
Mums the word for instance the -- knows that about one in four people are taxpayers who qualify for the earned income tax credit.
Don't even apply for it and you what they do they sit on their hands and say that's a shame.
That they didn't know -- paid out by the -- it's 5981.
Dollars it's a lot of money.
-- -- taking notes.
I'm he's gonna reduce tax editor under and should -- -- you find.
A reputable tax preparer since your recommending professional advice -- maybe you prepare yourself but you want someone to review would even.
-- ought to pay.
Tell complex attack to turn it if it's complicating might want -- tax -- CPA.
For -- less complicated attorney just go through regular attacks prepare.
But you want -- Ferrell -- every year the government shuts down some of these franchise tax prepare operations and what you really have to pay attention to is.
What promises are being made if somebody says to you.
I get a refund for everybody.
Run out of that office be afraid it sounds too good to be true it probably -- So they say we get your refund before they've seen every receipt and everything absolutely what's wrong and you know what the IRS says you are responsible for your tax return so even if you tax prepared to mess it up.
You are responsible you know I think over the years as an accountant working with people I don't do it anymore and it's too complicated anyway.
Eight can't afford to pay the tax they think they so they don't file big this is a really big mistake.
And you know what this is a problem but it's unmanageable problem.
No matter what you need to file if you can't afford to pay.
File if you don't and you -- money.
The -- -- charges a penalty up 5%.
Per -- not per year per month up to a maximum 25%.
If you file they charge half a percent to month.
That's 6% a year much more manageable make a good faith payment call them up work out a payment program with them.
But what ever you do don't -- -- had undivided and under the desk and say I can't filed I don't know I don't know I don't have the money to pay.
So that's good take -- -- -- something and then perhaps they'll work with you they will work with you are right thank you so much patent the next couple weeks I bet will even be talking about this again great to see you seem to be here.
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