It is not odd to hear us trumpet about this wonderful time of year. Summer starts a little early for us, beginning as soon as the tax season ends. This doesn’t mean that it can’t be great for everyone, though.

When you prepare your final tax return and drop your signature before finally sending it off, it’s possible that the final number surprised you. It’s also possible that it caused you to want to make some changes to avoid a similar surprise next year – no matter whether it was a good or bad surprise.

Once that return was sent off and you received your refund or paid your balance, though, that surprise can wear off quickly. Much like what carries us into tist season of bliss, a wind blows that makes us happy it is all over.

Until next year that is.

For if you don’t make any changes between now and next year, that surprise is likely to remain. Acting now may feel daunting but will feel worth it come next filing season.

If you already know what changes you could make, then great, consider this s gentle reminder to do them as soon as possible. After all, the earlier things get accomplished, the easier it is to see them make a significant difference on that final return number.

If you are not sure exactly what to do to help your situation, though, a good place to start is with tax withholding that comes out of your paycheck. After all, a shift of $50 in each paycheck won’t feel nearly as big as hundreds (or thousands?) of dollars at the end of the year. The IRS offers a tool at www.irs.gov/individuals/tax-withholding-estimator that asks the right questions to get you into a better spot.

Finally, remember this can go either way, too. If you had to pay more than expected with your tax return, that is going to look like an immediate problem. If you ended up with an unexpected big refund, though, it doesn’t feel like a problem. You can also change things so in that situation, though, so you bring home some of that money with each paycheck. Even setting things up so that some pay goes into a savings account means you will get to earn the interest on that money and not leave it for the government to benefit from.

Warmly,

Josh Bousquet
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Even now as we come out of tax season, it is not as if we no longer receive any tax questions. And the biggest one now is – where is my refund?

The biggest problem here, though, is that we don’t have any magic way to obtain an answer to this question. There is no back door we can use to look at the IRS and tell you when they are going to get to any specific return.

Fortunately, though, the agency does have some tools available to everyone so you can at least get an idea where things stand. The easiest way to do this is with the web tool at www.irs.gov/refunds. There you will enter some personal information to find out where your return is in the process. There is also an option to use your individual online account at irs.gov and opt in to receive email notifications when there is an update to your refund status.

Overall, most returns and refunds are processed within 21 days. Of course, this is only most, and there could be many reasons for your refund being held up. At this point, many on-time returns are coming out of that window, so we may only be able to recommend patience. It is very nice when everything works well and quick, but it is also important to remember that even when things take time it doesn’t mean there is going to be a bad answer at the end of the road.

Just know that if you did process your tax return with us, we will be with you every step of the way until you get a final answer to that original question that is burning so bright for many. 

Warmly,

Josh Bousquet
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As we rip away the latest sheet of our page-a-day calendars this morning, we confirm that we have made it … it’s tax deadline day.

Granted, with extensions it’s (by far) not the end of worrying about taxes for the year, but it still represents a definite letup. This is something we must embrace, as well, because of the amount of work that has gone into tax season until that point.

Something else comes with all that work, though, and it is a feeling of gratitude for our clients who trust us during this potentially stressful time. If you were a new client of ours this tax season, thank you.  We hope that the experience was worth it, at least relatively painless, and we very much look forward to working with you again next year.

If you are a client who has come back to us year after year, then please know this is also very appreciated. People start to cringe a little bit whenever tax returns or tax law is mentioned, so we know that hearing from us may not always be the most wonderful experience. To know that we can make the situation good enough that you feel both comfortable and safe to return and work with us again is special.

So, to be clear and straightforward – thank you.

But now, also – goodnight.

Warmly,

Josh Bousquet
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Here we are on the doorstep of April. If at this point you haven’t started to think about taxes, it is probably too late to get things done by the April 15 deadline. That doesn’t mean we should just push discussion about them off to the side, though, for a return is still something you are going to have to complete.

If you find yourself in this situation, the first step should be to get an extension. It is not something you have to work hard to achieve and is a reprieve that moves your filing deadline six months to October 15. Please note, though, it gives you extra time to file but does not give extra time to pay taxes owed. That means interest and penalties on what is owed can still start to accrue on April 15.

So if you expect to owe money to the IRS once your tax return is completed – getting this done as early as possible is in your best interests.

Many people end up putting off finishing their tax return because they are missing some documents. It could have been two months ago at this point when one thought “I’ll get going as soon as (this form) comes in.” Then it never did, so you never got started, and suddenly it’s April.

There are many reasons why you may not have received a form, and it can be as simple as it got lost in the mail.  It is a classic punchline excuse, but that doesn’t mean it never actually happens. The easiest way to fix this could be to find the missing form online. If it’s a W2, many payroll providers will have a portal where an employee can get information and forms. Many other types of companies – banks, student loan providers, mortgage providers, etc. – likely have this information available online, as well. You can go from not having the information to being all set in minutes this way.

If you can’t do that, though, you should make a phone call to the issuer of the form. I know this is no one’s preferred mode of communication any longer, but the sooner you get it done, the quicker you can start moving on. You don’t want to wait until some forms start being filed away and company efforts move into other realms as tax season comes to a close.

Not that people are looking forward to that or anything.

Warmly,

Josh Bousquet
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Every year the IRS releases its Dirty Dozen of tax scams to highlight the latest ways that scammers are out to obtain taxpayers’ information and/or money. Many of these are similar year after year, but the tactics are ever evolving so that there are always new things to be aware of. As with much of the world, a lot of what is currently new involves AI.

The problem with AI can be that it actually can “think” around how you interact with it. So with a voice-mimicked call, it possibly can answer any questions you have for it. And where AI is drawing information from much of what is available in the world, it could give answers that may appear legitimate if you try to look things up after a call.

Another tactic that plays well with this is becoming more and more prevalent is spoofing caller IDs. A big fight-back tactic against telephone scams used to be to look up where the number where the call is coming from to see if it is legitimate. Some scammers are now able to spoof caller IDs so that searching it will return information that appears to be kosher. Searching these numbers is still a good idea, but it should no longer be the only step taken to determine authenticity when a suspicious call is received.

When fighting back against these scams, many tried and true things remain atop the list of how to keep yourself safe. First, the IRS will essentially always contact you by mail first. If the first time you hear about a tax issue is by any means other than a mailed notice, you should immediately be wary. Next, don’t be afraid to take your time. If you have any concept of how the IRS operates, it is not the quickest of institutions. You are never going to hear about something for the first time where you must make an immediate payment or risk terrible consequences. Taking some time to contact the IRS yourself and determine whether something you’re hearing is legitimate is worth it.

​Finally, a reminder that scams don’t always start in trying to get a payment from you. Especially during this time of year, you may hear from groups or individuals that promise they can help you take advantage of a tax provision or credit that you were not aware of. And of course, you aren’t aware of all tax rules (that’s our job!) but that doesn’t mean every one you hear of is legitimate. As always, stick with those you trust for guidance. Ask a tax professional you have worked with before about any claims you have heard, and hey, maybe there is something more that you could be using to get a larger return, but get it done the right way.

Warmly,

Josh Bousquet
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