Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts

Thursday, March 5, 2015

Don't Fall For This IRS Scam!



The IRS will NEVER call you. That is something very important to note because there are scammers out there eager to prey on people and scare them into believing the IRS is out to get them. It's  important to know how these scammers operate so you know when to hang up and report them. Co Founder, Karen, recently received a call from this number: 8044961029
The person from this phone number left a voicemail explaining that the call was very inportant and it was regarding tax evasion on an audit they pulled. Curious over the commotion, she called the number back and the person on the other end started to rattle his "officer name" "badge id" and he even gave a spiel on how the call was being recorded. He mentioned that he represented the Tax & Auditing Department of the IRS and then he talked about the FCC and rattled off the section in the IRS bylaws that discusses the penalities of tax evasion. It sounded pretty convincing, but of course Karen wasn't buying into it since she knew she was in tip top shape with her taxes. The "officer" then explained their audit findings explaining that taxes were under paid by a certain amount during a certain period of time. Then, the "officer" asked Karen how she wanted to pay this back to avoid her employer holding back her checks, Karen getting arrested, and Karen getting fined.

Anytime someone who claims that they're from the IRS and over the phone requests money from you, they're a FRAUD.

The "officer" proceeded to state that an Officer attempted to serve Karen her violation in paper and he named the address (this address was clearly pulled online from the white pages). The most that the real IRS will do is send you physical mail. Never would they go to your home.

Moral of the story: do your taxes correctly and always review them with your tax people before signing off. As soon as you sign off on the tax computing, everything becomes your responsibility. To that point, when you're confident with your tax returns, scammers like that won't phase you because you'll know with certainty that they're fake.









Tuesday, February 18, 2014

A Student's Guide To Filing Taxes

Picture source: Credit Sesame

Oh Tax Season! For us, back in college Tax Season meant extra money for spring break {haha}! But, in all seriousness, Tax Season is that time of the year to get your money back that you overpaid in taxes. Taxes can be super confusion and if you don't use the right tax preparer, like an H&R Block rep or a CPA, then you might lose out on ways where you can get more money back as a student. For example, Co Founder Karen was able to get a substantial amount of money back when she was in school because her Tax Preparer educated her about the American Opportunity Tax Credit. This credit allowed her and other college students to expense their college expenses! You want to come extra prepared when you meet with your Tax Preparer or if you decide to file on your own. Therefore, below are some tools that will be helpful as you prepare for filing your taxes:

  • Decide on who you want to file your taxes. It can be a CPA, an H&R Block representative, or a computer software that can help to file your taxes.
  • Consider if you're a dependent or an independent. If you are a dependent that means that your parents provide more than 50% of financial support for you. If you do support yourself, then you are an independent. This is important because it determines whether or not you or your parents receive some extra money back.
  • Gather all the necessary documents to make the filing process go much easier. Gather these types of documents and forms:
    • All forms that say W-2, 1098, 1099 or Schedule K-1
    • Records of any contributions you made to IRAs or other retirement plans
    • Records for what you paid in mortgage interest,  real estate and personal property tax
    • Closing documents (such as HUD statement) for a home you purchased in 2013
    • Income & expense records for work you performed (not already shown on a W-2 or 1099)
    • Records of other income and expenses (rental income and expenses, jury duty, gambling, hobby, alimony income, etc.)
    • The date you purchased and your total investment in any stocks or other property you sold
    • Expenses related to your investments
    • Amounts donated to houses of worship, schools, or other charitable organizations
    • Records of non cash charitable donations
    • Number of miles you drove for charitable purposes
    • Number of miles you drove for medical purposes, and amounts paid to healthcare (insurance, doctors, dentists, hospitals, etc.)
    • Records for childcare and higher education costs
    • Employment-related expenses (dues, travel, publications, tools, uniforms, uniform cleaning, etc.)
    • Job search expenses and unemployment income, if applicable
    • Records for HSA contributions, alimony paid, moving expenses and student loan interest
                             Source: HRBlock.com

Some of these documents and forms may not be things that apply to you, so to keep yourself on track, consider making your own custom checklist at HRBlock.com/Checklist.


We hope you get some money back!

Related Posts Plugin for WordPress, Blogger...