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Yet -- doesn't -- -- be talking about that when our next guest information are black and that probably is better than me.
-- -- -- You know he's -- executive director of the Asian bloc tax institute's great to see you great to really are you guys.
-- -- heard a little bit of the talent of our conversation and we're gonna get some more questions coming in.
From people specifically and bond not on taxes but what's the biggest question here this time a year.
Adam part of the biggest says it.
What am I missing -- my tax return and doing it myself which I look out for.
Number two I'm running out of time what are my options.
Yes so what I tell people if you still have a lot of time and you know what elements or maybe six -- -- yet that I -- Tracy said the extension is that a good -- Yeah and so then I -- I tell people he can't pull it together.
At least file an extension through don't -- betting lines and now how continued since October 15 and and that's it -- -- -- that -- that night and now you're not even a week I thought here's the key though luck you'll say OK I'll find extensions of that means I can delay payment.
And -- may have covered that.
But it definitely is -- good you gotta bring your check back on April 15 so that's -- I'm telling people bring your check back.
Because you have to make that payment write the check out to the IRS and then when you filed the real thing come on October 15.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- To have my taxes done right I -- my tax situations so I think we do myself.
And we are encouraging people to do that that -- in that case -- like I would love to want to take a look at it.
-- it's not what does offer this product that you consider that in a tax professional can look at it.
And -- on it just how much does that cost I'm about 99 dollars that's great though yankees getting the Turbotax this -- and -- that -- does cost some money.
Think it's -- fifty dollars to buyer the last time I used it which is a couple of years ago.
At a cost of cash to buy -- and some cash to file so you're putting out you can't put out quite a bit of money anyways just to Jesus Jesus services but it would be.
Such -- relief.
Content and -- -- and then the other thing is this the same here.
Keeping up at night thinking well you -- it might -- your taxes we're done correctly and I wanna go back I didn't.
I -- I would recommend people digging out the basement.
And or you know what file -- you have that -- file cabinet.
And you can actually have someone just you know double check it -- -- -- right because you have three years.
To amend your last year you know past three years returns you a question from that earlier from -- that was asking about that three year six -- and act if I can find it.
But basically -- -- -- from giant and he said.
-- that Barack can only came after someone for three years of back taxes so if you can get away with it for ten years then it -- is that true.
I have any say isn't it you know in -- -- I think make active.
-- -- Nothing that couldn't they pay taxes but just theoretically -- isn't the question considering all the different politicians that we have held dad back.
That he had not paid some of their attacks is still what I mean what if that time frame it it is three years and if it's five and yet if you're in -- and you know that that's where it comes and if if there's some fraud involved I think -- can go back a little bit further.
So but general rule of thumb is three years so ever with -- -- Helen and I knew that they save my pastor tax returns I always say to something site.
Sex you know okay just.
To be unsafe in my case.
You know wishing you -- the politician issue right now a lot of people on our we have that very nice interactive board that we work with here our viewers every day and I'm not a -- -- it's it's funny because they're making jokes about the Tim Geithner issue and everything else.
You know that the serious issue to me that that brought up -- is the question about.
-- -- all these guys about this couple think maybe the vetting process gives us more aggressive and have been in the past him and he's got really cheating on the taxes or maybe the tax coaches too complicated.
Is that part of that you think that there were actually seen this many quote unquote mistakes made it -- -- it is pretty easy to make these mistakes now.
It's really -- you make mistakes in fact and the tax institute did a survey we found out that 72% of people.
-- a lot tax cut tax locker changes this year sent -- 2% have no idea the impact that.
And if you take a look at all polite thing to the past year it was abroad and -- that's one of our -- one of our.
Our favorite viewers bond guy Madden are with his dad but he did -- on -- in the year earlier -- -- I would be watching a podcast later -- podcast available on iTunes.
And he said -- let's just talk about some of these changes that are going to be made.
At how they applied because that you're right -- people don't really know -- upon them so this particular year.
What are some of the big changes people really need to know about that's different from past years you know some of the big changes.
Where we're talking about -- this recovery rebate credit and so -- remember Bush's stimulus plan where a lot of you got a check in the mail last year as the 600 dollar check 300 dollar check.
We're finding that one in five individuals are still eligible for additional hundreds of dollars and you wouldn't know that analysts you kind of stayed up current on tax law.
And you know it's it it's those people that are married divorced -- -- from independent that could be eligible for hundreds of dollars while.
So that's one of them another 11 time home buyer credit.
It's a huge 18000 dollar credit.
That you can still receive on your 2008 return even if you by the house in 2009.
Sounds easy and simple right.
But you need a -- before December 1 you need to have not own a home in the last three years there are some income limitations.
No knowing all those specifics.
Either you're missing out on dollars or it could be making day.
-- -- -- -- -- out if you if you have a chance so what's the best way to find out about some of these.
The some of these changes if you if you're not having a professional -- your taxes or make sure they know about it all right well how do you know how do you know what's new.
So you know Tracy mentioned -- (%expletive) up -- -- think that's a great website for people to go to HR -- dot com is another one.
Man for those of you giving yourself the tax software should actually guide you through nasty some of those questions is -- it's pretty good with that yet you know I depending -- at the very reputable I'm tax software but.
Usually it -- and then finally you know if at the end -- -- I.
Think I did that's right I'm not for sure right it's always get maybe you know like we mentioned before I take this and we -- -- have them take a look at the recent again.
So -- the biggest fear is right as someone who pays taxes is that you would be audited.
Then head down the line I mean that's something you don't want to hear first about they need to dispel some of that fear because I think people probably get audited.
And maybe don't have to be suffering -- than him on that second of -- what what flags the IRS say.
I had -- Again on.
-- You can easily just get a letter in the mail from -- -- that says we found a mistake on your return and that all the city coming up -- he -- what it says.
Baghdad first let me say you know it's a simple enough mistake that we've changed the numbers for you men and maybe the number was trans -- maybe you forgot it's 1099 it was not a material mistakes and we're gonna change them.
Numbers for you she went trying -- the -- night and you -- have to do anything yeah it's -- you know.
You're your return has been -- we might just you know make sure your defect from the right expenses.
And that's when you might get the phone call from now I'll Pat Hill and he worked through an account -- and you have -- -- -- why I'm very happy because that that's your taxes right.
So there's an iris -- -- contact the taxpayer directly.
And what the taxpayer needs to do if they've had someone prepare their return or even if they have it.
If they're going to get a visit or phone call from the IRS -- an accountant call -- -- prepare first and say I need some help help me walk through that's.
And a lot of people as we know.
Don't like to deal with the government sometimes in those cases so it's good to have someone on your side.
You say it is so but in terms of the the red flags that may or may not be there -- it -- It's just it's a thing as a red flag on a tax -- in other words about trying to write off everything right off more things and -- Genesis and what are they more likely -- -- -- -- and they are Herman how how does that work.
Now what I tell people is you know you want to be careful at home office deductions.
Because that could be one where.
If it's not used exclusively for your work right and it's really hard to say that -- in the -- where the TV -- -- the family.
You know has had dinner at night is exclusive use.
Charitable contributions is another area where -- you need to make sure you you have the proof some of those areas where.
People try to get creative and in those certain areas could be red flags we we don't have a six.
-- give -- -- whatever 500000 dollars to charity and you write off your taxes and he and then you -- you -- to -- personnel like that and you don't have to prevent and they come back to you.
Who how does that process work from that from that you can't then you can't -- enough to get a -- the difference is is simple Saturday -- -- fine you know what what would happen and that kind of situation where maybe it is.
Maybe it is maybe it isn't an honest mistake.
Yeah I went and encourage the person to call that organization of the contributed to talk to you -- and remind them that they would have a record in a lot of nonprofit organizations now have great record keeping systems -- and the letters afterwards and say here's the tax deductible amount.
I'm so that would be my first step call the organization that you that you gave to -- need to make sure it's AM.
It's a qualified organization that it is actually one you know it can't be the next door neighbor raising funds for their daughter to go to school that's not a qualified organization.
Something like -- process that -- a couple good questions here.
What about my caddie no ethnic Karen is reputable law association -- -- you're here haven't -- -- on but.
Often complain about his mother being I'm being older a little bit older.
And that I have a question you -- -- -- taxi hapless figure for semi file taxes.
-- Happy and -- going to her than working right I think I would -- -- summer camp but I got you know that tax reform that I.
That you had seven different ages of people whether college or whether you are a senior citizen or an elderly is there any advice you give people depending on.
-- -- And how did you prepare what you know maybe -- she worked with during free services that are available to them.
So as far as the first question of what do you really look for when you're looking for something to do your taxes.
I always encourage people to and -- -- educated.
Right you don't want someone.
That's -- your taxes that have Welling up Clinton.
-- you need -- and hit.
Some of the top tax -- changes if they can't answer that question.
That you probably shouldn't be going to them because there are -- -- changes in the -- this is a good request -- -- -- you know put them on the spot they should be able to answer your questions.
In -- you know.
People at different ages different levels.
The -- just -- -- more analysis needed you go to.
People you know -- to see who does their -- you know -- it is their taxes and they've never had a problem and yet that's all right isn't -- really key expert service provider you think -- -- attorneys or are doctors are right even even her silence.
You always ask your friend committee get -- that you traps heat recommend that I value look again.
Don't count on it that.
And -- look into the group of people that -- other elderly that the -- just.
Getting out of college and starting and when they file or if you're a teenager and working that job at that local -- -- You know if you make more than eight bit I don't know the exact match ups top my -- -- -- -- more than 5000 dollars.
You should file a tax return to get back taxes that you've had withheld -- that you can't probably claim yourself as your own independent because your parents.
-- provide help support right and right thank you as the as their dependence.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And there's a lot of different you know there's like a five point test that you need to kind of path to see if you can accuse you -- -- there.
Parent that lives with you as a dependent so it's cases like that -- that you need to go to someone that really can ask you some of those key questions.
And walk -- through that process because that also can trigger some questions by the IRS so it's all about making street filed the right who.
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