With January’s soon arrival, tax preparation advertising is sure to be in full-swing. Clearly, as tax professionals and enrolled agents for many decades, the team at Ken-Mar tax is especially irritated by the companies and marketing campaigns that project these myths to be true, so we decided it’s time to dispel some of the marketing gimmicks you’ll hear around our Cleveland area – and probably around the nation!
Myth #1: Tax Education can be Acquired Quickly.
Not true. Some of the well-known national tax preparation companies (we won’t name any names here, but if you’ve been to the mall or a department store and encountered a “pop-up” tax office, you know who we mean) are currently hiring, and offering to train new employees in as little as ONE WEEK! These ‘factory’ tax preparers aren’t looking to employ CPAs or Enrolled Agents. In fact, many of the factory tax preparation companies only staff one tax professional at each office. For day to day client interactions, customers will be working with the new employees who knows very little about preparing taxes.
Myth #2: The Cheaper, The Better.
Not true. We don’t have to tell you – you get what you pay for. A lot of products we buy today may not need the extra service package or knowledgeable sales staff. Many of our big purchases – cars, houses and electronics, are primarily researched and decided on ourselves before we even engage with the sales staff, so why not look for the lowest price? However, when preparing your taxes you’re paying for expertise and if you want tax professionals that are experienced in dealing with the IRS. paying as little as $9.95 for a tax filing is not buying you a morsel of expertise! When you work face to face with the local team at Ken-Mar Tax, the service you receive can not compare. We know what deductions can stand up to scrutiny by the IRS and what ones can’t, and we understand the intricacies of the tax code and how to use it to minimize your tax bill. Paying for a true tax professional can actually pay-off right away! (After all, our tagline is “we’ll save you more than your fee or your taxes are free!”)
Myth #3: Larger Tax Preparation Companies Are Faster.
Not true. While larger tax firms might seem like a well-oiled machine, that is not always true. This myth is perpetuated by the idea that getting your taxes done should fall into the same category as ordering a burger or manufacturing a car – that a streamlined, assembly-line, “lean” process should somehow apply to evaluating your household income, expenses, family situation and deductions to minimize your tax burden. Not only is an assembly-line process NOT how you want to maximize deductions and minimize your tax bill, when choosing a large tax preparation company it might take weeks to hear back. At Ken–Mar Tax, our team of tax professionals can get your tax return done quickly – and in some cases, within one day.
Myth #4. Rapid Refunds Get You Money Faster.
Not true. You may walk away with money, but it’s not yours. It’s basically a loan on your tax refund. In the past, factory tax preparation companies, or “big-box” tax preparers (we use the term “big-box” because they are not only popping-up at the big-box store, they could be criticized for some of the same characteristics: poor customer service, high turn-over, low skilled labor, etc.) have offered a rapid refund to get money in the customer’s hands. The reality is, e-filing (electronic filing) is the quickest way to get your tax refund – which takes seven days. Big-box tax filing companies offering to give you a portion of your money on the spot are not getting it from the IRS and they need to front the cash somehow – which is probably built into your price and you should read the fine print carefully.
Myth #5. Anyone Can Master Changes in the Tax Codes.
In any given year, there can be more than 300 pages of changes to the IRS tax code – which doesn’t even account for your Ohio State income tax intricacies. As an enrolled agent Ken takes ongoing continuing education pertaining to each change in the tax code and is the only tax preparation designation specifically trained to deal with the IRS on your behalf. If you think a quick overview is all you need, then be prepared to leave some money on the table!
The team at Ken–Mar Tax specializes in helping individuals and the self-employed develop a tax strategy to minimize your tax bill. As an Enrolled Agent, Ken Weinberg provides a depth of understanding in regard to the IRS tax code that goes further than the average tax preparer. Held to higher standards of training and performance, your Enrolled Agent is better prepared to save your hard earned dollars and minimize your annual tax burden. Contact us to set up an appointment today.
