Fox Tax 2019

Why Choose Fox Tax
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Why Choose Fox Tax

The Internet: Yes many people have the urge to use tax software thinking it is better and will save them money. The impression that it is easy, educational, and exhibits a delight with working within the digital workforce. There is a belief that software can solve most problems. It seems everyone offers it right now and might next be in a cereal box.

Here are a few items you will not hear on those easy to do ads.

Hard to find this in the history but a very large software company tested the waters in tax preparation many years ago. They stopped it. Why? Probably because there are no two people alike, and likewise for their taxes.

Next is something that happened about 8 years ago which shut down the IRS e-filing the last week of January. There was an increase and pattern in fraudulent returns. What happened? Young people who like to download songs also prepared there taxes increasingly online. They had the best virus protection installed (as you will see the front door was bolted, but the back door left wide open). But they had two popular programs which were used at their end to download songs. So, all summer, hackers would come to the computer and say, hello, I have a song to download, at which the computer would say, come on in. After downloading a song the hacker would leave, with your tax return you had stored on the computer. When the following year arrived for taxes, the hackers would change the address and tweek everything else and file. The above was several years ago, and things have since become more sophisticated.

Identity Theft. Download a tax return to look at it and the whole world can see. Your phone is not as secure as you might think. Hot spots may not be so hot. Did the phone come with a bug (a very large food chain gave away phones, and all had bugs in the hardware)? Maybe your phone charger has a chip to access your phone. There are many more examples but it gets depressing.

What can Fox Tax do? You are not going to suffer from isolationism because you will collaborate with humans. Try doing depreciation online or getting a copy of your return with your documents,W-2, 3 years down the road. Worse yet for a single parent, you do not receive EIC you are entitled too. Can your software offer and set up free bookkeeping which is on most computers with no monthly charge? Can it start a website with no monthly fees? We offer these during the off season.

So here are the 3 outcomes when preparing your own return online:

(1)The return was correct.
(2) The return was not correct and additional monies were forgotten.
(3) The return was not correct and additional monies were owed.

If you feel your return was correct and you received a refund, that is a great feeling of accomplishment. BUT what if (2) applies? Several years ago we e-filed returns that a client would prepare themselves. At the beginning of one year over 97% of EZ returns were completed incorrectly. We stopped the service immediately. For the returns done wrong you needed to explain the errors and naturally people were upset. For those who received a larger refund everyone was all smiles. Naturally, if they owed additional monies they avoid an IRS/State notice, and if they received a larger refund they avoided (2) above.

For (1) and (2) above:

How certain are you that you received your maximum refund? You entered all the information as requested and there were no errors. The most common mistake is not entering correct information or simply forgetting or stating facts do not apply to you when they actually do. Most programs guarantee maximum refunds, but only on info you provide. Forget something or checking a box, and you will never know what you left on the table. The IRS is not obligated to say you forgot something and are entitled to an additional refund.

For (3) above:

Completing your return incorrectly is just as bad as (2) above except the IRS will send you a notice of monies due. If you pay the notice (which most self-prepared filers do) you are assuming the IRS corrections are correct. This certainly is not true all the time, and in many situations involving certain forms the IRS will actually owe you additional money. But if you do pay, the IRS will then notify the state and you will probably receive a state notice with a payment and an interest rate in the double digits.

Did you know that the approval of Congress is usually in the teens? But they are usually always re-elected. This is because people vote for their congress person and think all the others are bad. So with self prepared returns. The problems that occur are with other filers and not yourself.

Your assignment: Using the IRS website look up all the returns for your zip code or general area. Now look at the total returns for self prepared and professionally prepared returns. What's the average for each? Yes, you will say that does not apply to you.

If you feel you have prepared your return and have a gut feeling about it being correct, Fox Tax will review at no charge during the off season your return for errors and omissions.

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