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Greg Schroen

 

  • 39 years of career experience in managing financial matters and concerns
  • 24 years assisting individuals, families and businesses with their taxes and finances
  • B.S. (Finance) and an M.B.A. from the University of Connecticut
  • A member of several professional associations and he serves on the board of non-profits and government entities.

 

 


1. Are you keeping up with the increasing complexity of the Federal Tax Code?
(as measured in the number of pages in CCH Standard Federal Tax Reporter,
a publication of Wolters Kluwer. )


 


2. An ever growing percentage of tax filers are using paid tax professionals despite the prevalence of such Do-It-Yourself tax software programs.
(GAO -07-720T, GAO 07-570, GAO-06-563T, GAO -04-70, GAO 03-610T, GCD-76-49)



3. Overall income taxes paid by individuals, as a percentage of their income, continues to set new highs... see how taxes have clearly become a major expense of enormous concern confiscating more than 30% of your earnings.
(Tax Foundation, Special Report, April 2008, No. 160)




4. Taxes, the TALL blue column below, is the single largest category of household expenditures. So even a small change in such a big category can yield a significant advantage to the household. Left to right: Federal/State/Local Taxes, Housing and household operations, Medical and health care, Food, Transportation, Recreation,
Clothing and accessories, and lastly, All other.
(the Bureau of Economic Analysis and the Tax Foundation)

  1. Taxpayers who used a paid preparer received bigger refunds... $444 bigger according to a 2002 study by the General Accounting Office (GAO).

  2. Education and Experience: This paid preparer has full college credits in both Finance and Accounting, prepares hundreds of returns, takes continuing education classes to stay up-to-date on the ever changing tax laws, and spends thousands of dollars every year for the Cadillac of advanced tax software.

  3. Not sure of something during the year? Get your tax questions answered anytime.

  4. Get your deductions labeled correctly... Are you absolutely sure you won't accidentally trip audit flags for deductions that seemed to be just fine?

  5. Are you sure you have made timely and proper tax "elections"? "Elections" are choices that you may not even be aware of, or whether they really apply to you or not. Nevertheless, failure to make timely and proper elections may have a huge irreversible, permanent effect for all tax years past and future.

  6. The return is signed by a paid professional... the IRS recognizes that a professionally prepared returns have a higher accuracy rate than those prepared personally and a higher standard of due diligence than the individual.

  7. You can do what you love doing, and delegate the rest, for example... the taxes!

  8. It gets it off your desk and frees up your time.

  9. For the self-employed, the tax prep fee is fully deductible on Schedule C. For most self-employed people, this can translate into a whopping 40% "savings" in the tax prep fee actually paid.

  10. The paid preparer frequently "finds" deductions that more than pays back the cost of the professional preparation.

  11. "I hope you hate the cost of taxes more than you hate the cost of employing the strategies for tax advantages."

  12. The paid preparer may keep you from exposing yourself to unnecessary risk, risk you were not even aware you were in danger of... why take chances and learn this lesson the hard way?

  13. The paid preparer may show you how to reduce your risk of audit (and possible penalties) with proper disclosure and documentation of worrisome items on your return.

  14. "The only thing more expensive than hiring a tax preparer, is not hiring one."

“The hardest thing in the world to understand is the income tax.”
  Albert Einstein

 
Greg Schroen Financial and Tax Services