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Monday, January 31, 2005 4:26 PM
Tax Prep Scam 1/31/05
Do you dread paying Uncle Sam every tax season? Well it could be worse. You could end up paying for a fraudulent tax preparer's mistakes too! Tax evasion scams cost consumers billions of dollars every year. The Better Business Bureau says tax preparers can commit fraud in a bunch of ways. They can claim inflated expenses, false deductions, or fake credits. So, beware of those who promise a bigger refund than others. Plus, those who base their fee on a percentage of your refund — fees should be based on the complexity of your return. And — if they say they'll get you a "quick return" read the fine print! Warren King/Better Business Bureau: "Understand, it's not a quick refund...what it is is basically a loan and in some instances you're paying pretty high percentages as far as getting that quick refund." Here are some tips when you're shopping around for a tax expert: — Get referrals from satisfied clients. — Ask the person about their training and experience. — Find out if they have represented taxpayers in an audit. — And most importantly, review your return and ask questions before signing it! — Then, get a copy for your records.
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Credit Caution: Part Two 2/23/05
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