Estate Planning

IRS Offers Tax Daily Tips for 2009

By Gregory Herman-Giddens

Here are some of the current entries:

• Choosing a tax preparer
• Where you can get free tax help
• How e-file can make filing easier and getting you your refund faster
• How to file for an extension or to amend your return
• What tax records to keep
• First-Time Homebuyer Credit

An additional tip will be added each business day until April 15, 2009

In addition to the text tips, some audio files will also be available.

Choosing a tax preparer is a particularly important topic.  I recently assisted a client whose previous tax preparer included fraudulent deductions on the client's returns (without his consent or knowledge), and made a mistake that cost the client almost $15,000.  Luckily I discovered the mistake in time and we were able to get a refund.

Unfortunately, CPAs and tax attorneys can also make major mistakes on tax returns.  If you are having gift, estate, or fiduciary income tax returns prepared, make sure that you use a preparer who is properly trained and experienced in preparing such returns.  Given the potential penalties involved, it is not worth using the lowest cost provider.

Full post as published by North Carolina Estate Planning Blog on January 13, 2009 (boomark / email).