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Sherman's Insights

A Month Left! Or Not?

3/15/2019

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  1. As we are under a month remaining, file an extension. Or get your taxes done today. One of the two...but if you typically procrastinate, file an extension. You won't believe the number of requests for last minute returns. Note this happens in October when extensions are due, thus if you do file an extension don't wait until the last minute again!
  2. Remember, it's only taxes. No reason to stress out about it too much, unless you are (a) purposely cheating the system, or (b) have not kept track of anything. If you fall into (b), call Chris Spargo - he'll get you organized.
  3. Do you know the requirements to become a professional tax preparer? It's an industry dirty secret. $50. Yep, that's all, a $50 fee to the IRS to put you on their list. The IRS has attempted to force education and experience requirements in the past, but push back from tax industry (and probably IRS fears of fewer returns submitted), these turned into optional education. I like to ask any potential tax preparer  the following:
  • "How can I deduct clothing if I am self employed?" This is a trick question, because for most of us, we can't deduct clothing. Safety equipment and uniforms are deductible.
  • "How has the 2018 tax reform impacted my return? What are the major changes to the tax law" Most will be able to answer this...it's a primer for the next question of:
  • "What should I do in 2019?" This is big one. If you can't get any advice for the future, then all they are doing are plugging numbers into software.  And for those significantly affected by the 2018 tax reform, you may be able to make adjustments. 

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