There are many ways a tax return can be done that are all OK with the IRS, but only one of those ways nets the largest refund! People need to understand this across America, and we talk about tax planning constantly. We blog, tweet, post, email and on and on, yet we as an industry are not even getting 10% of the public to take on tax planning! The clients who do are often thrilled at the outcomes, and yet it’s just hard to get people to want to spend half the time that they spend planning their vacations on planning their own tax outcomes, even though larger refunds would pay for those vacations!
Tax planning offices often don’t look like a franchise such as H&R Block or Liberty Tax. Those “tax stores” often spend a great deal of time and effort on locations of convenience, fast or same day service and focus on people expecting refunds. They do all types of tax returns, as far as we know, but the focus of their services is obvious.
Planning offices, on the other hand, take a few days to do returns, have CPAs and EAs doing the work and have a second set of eyes review the process. They often do not loan tax clients the IRS refund for a fee. In fact, they are most often working with taxpayers who are not necessarily getting a refund. Complex returns, business owners, landlords, corporations with complex considerations can’t be done in one “walk in the door and walk out with a return” process. Even though they take more time, they also are often less expensive than an “instant service in a high traffic area” model.
If you want a same day return, fast service and are willing to take a short term loan to get some of your refund right away, then just look for a foam finger, green face paint or the other “mall header” based systems, as they are all around you! However, if you want CPAs or EAs doing your work, and then to have the work double checked by a second qualified set of eyes, and you want it cheaper than most national walk in services for a more complex type return, look off the beaten path for the tax preparation and planning services. Wait a few days or even a couple weeks for the work, but reap the benefits!!