Does Trump's Tax Break Bill Stab Black Folk In The Wallet?
- Category: Business
- Published: Friday, 12 October 2018 01:05
- Written by Lawrence A Robinson
Trump's new tax code stabs Black tax payers right in the wallet. The 3 year limit to amend your tax has been eliminated. The IRS admits that the average taxpayer recoups about $2800 for each year with a 3 year maximum amendment period. So, if you amend your last three years of tax returns, you could recoup a minimum of $8400.
This is significant for the average Black tax payer because our taxes are often prepared by our friend, relative or one of the big franchise tax prep companies. Usually these tax guys are interested in serving as many clients as possible, spending as little time with each as possible so as they make the maximum about of money. You usually get the similar results when using a $50 computer tax program. This means that Black folk leave more of our money in the hands of the IRS and can only be retrieved by a tax professional through the amendment process.
Many of these franchise preparers receive only the minimum training to input information into the computer. They usually don't know about many considerations listed in the thousands and thousands of pages of tax code. The average tax preparation office is only open during tax season and closed the greater part of the year so if there is a problem, well, good luck with that.
Darlene Robinson is a ComproTax affiliate. ComproTax is a Black owned year around tax service with over 220 offices accross the country. Darlene spends most of the year preparing IRS tax amendments for clients, helping some to recover over $20,000. Her office has recovered millions of dollars in 'found' money through amended returns as she looks for special considerations for our people when others won't.
Darlene Robinson: Tax Professional & Amendment Specialist said that the new tax law eliminates the option for tax payers to go back three years and amend their tax return. This year, 2018, is the last year for us to recoup an average of $8400. You need to start the process now because December 31 is way too late.
For more information, call Darlene Robinson: Tax Professional & Amendment Specialist: ComproTax, (407) 300-5473.