Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Tax question?
So, every year I get a pretty nice refund on my taxes. I get them done at H and R Block because I don't have the knowledge that the pros have. But, I do feel like I'm a little rushed and wonder if I'm getting the best refund possible. So, I have a question I'd like answered before I go in so that I can bring it up if the agent doesn't. In 2007, I paid a significant amount of my own money for school - in fact, I paid for two out of three semesters. Will this help me to get more money back? Should I be prepared and take in the receipts from those payments, or will it have no effect on my refund?
3 Answers
- 1 decade agoFavorite Answer
Take the receipts in. It is quite possible that you'll receive a larger refund. It's a direct page one deduction. High income generators will be ineligible for this deduction.
Bring in the receipts.
Best of luck!
- 1 decade ago
Take your receipts in. They will know what to do. You may be able to claim various exemptions based on education incentives, or if you run your own business, you could set up a qualified education plan., and get a deduction for that.
- 1 decade ago
You definitely had the right feeling that you were being "rushed". Although there are a few enrolled agents employed or in training at Block, most of the time the goal is to get you in and out in 15 minutes to get your money. There are no questions; no digging for deductions. Here are a couple testimonials. You will find more as you ask around because so many go to Block and Hewritt. What you should do is go to www.naea.org, type in your zip code, and go to an Enrolled Agent. They will enable you to pay the lowest, legal income tax possible. Remember, payest the lowest Federal tax will nearly always enable you to pay the lowest State tax. There are some complex depreciation, capital gains, filing rules in some States. But an enrolled agent will be able to tell you whether to file separately with a particular STate. 90% of the time, it is more advantageous to file jointly on the Federal if you are married. Now then:
Wow! Learning more about H&R ripoff: "If you got an emerald advance line done from them in December probably yes {you're trapped in to returning to that outfit}. If you can, do not go to H&R Block this
year. My sister got an advance done in December and she paid through the teeth this tax season. She paid almost double what she did in 2006. Also, they are
not issuing checks anymore, either. They are giving the early anticipation loans now on a debit card. My advice for you is to go to a local private tax preparer who will probably do the return for under $100. They can e-file the tax return and you won't have to pay the outrageous fees. So if you did have H&R Block do an advance in December you'll have to have them finish the other part of the return for 2007. If you didn't then you won't have to return there."
How do you tell if an Income Tax Preparation Firm is reliable? I will take the time to relate what happened in my life. This actually motivated the commencement of my business. My ex-wife and I went to Block. Block has to change their advertising. Firstly, the firm is not to print the SS# of the client on any of the Tax software they send.
Secondly, they are not to advertise "refund anticipation loans". Not only were they never necessary, they are not ethical, the interest rate annualized - especially when you add the fees and figure them in - was outrageous. In addition, it is unwise to do what unscrupulous preparers do as well. While their motivation violates IRS ethics, we do not want to be associated with such malpractice, even if our intent is well. In the case of refund anticipation loans, the motivation is NOT to help the client. The client is seldom informed that he/she may be turned down for the loan due to a government agency seizure or the IRS wanting to examine the return. That means you pay the ERO and bank fees in vain.
Thirdly, Block has to change their advertising because some of the outlets know nothing about Federal income tax law. This is what we ran in to. From 1974 to 1979, we went to Block. When we protested that we owed tax, the Block representative said "how many exemptions are you claiming?" We stated. She said "drop them". Thousands of legal deductions and ways to reduce your income tax. More ways every year in light of the ever more complex U. S. Code. And her only response was: "drop them". No searching for deductions except for the Child and Dependent Care Expense. No telling of the hundreds of ways one can reduce his/her income tax liability - Federal and State.
In a subsequent year, we went to H R Block and they told me that we were "employers", even though the requirement to file as an employer of a Child Care Provider at that time was $600.00. We only paid the nanny a total of around $25.00. Yet the Block representative insisted we had to amend our return and take social security taxes out of the babysitter. This was unnecessary due to the aforementioned AND the fact that the sitter did not have to file! Additionally, the Block representative did not tell me up front that they would charge to needlessly "amend" our return. They didn't ask in the beginning of our appointment in any event. That came when they had "finished". THAT and thousands of other incidents disgruntled former clients have told me over the years speaks volumes about Block. I know many of my fellow enrolled agents will not like my speaking out. But Mcdonald's will serve you the same tasting hamburger in any of their outlets, worldwide. Any that do not will lose their franchise, or their management position - whichever applies. Any company must adhere to the same high standards. And ALL of their outlets, franchised, leased, or otherwise, should perform in the same manner: with expertise, diligence and the highest ethics.
Source(s): http://www.1040.com/consultant/MyContent.aspx?id=6... http://www.1040.com/consultant/MyContent.aspx?id=6...