What are some of the myths about taxes?

People who are close to reaching a new tax bracket may suddenly be worried that because they're making more money, they're going to be hit with more taxes than ever. They may even wonder if they would have been better off not getting that raise or promotion. But only the income exceeding the tax bracket threshold is taxed at a higher rate.

Read More
Marlon JacksonComment
Who has to do taxes?

There are three factors you should consider when determining whether you need to file a tax return: your age, your filing status, and your income. Once you reach a certain income level, the law generally requires you to file taxes.

Read More
Marlon JacksonComment
What is the minority percentage of customers that utilize paid tax preparers?

Before 2012, low-income tax filers who used paid preparers could get their tax refunds faster with a refund anticipation loan (RAL). RALs were high-cost immediate cash loans from private lenders, backed by the tax refunds the borrowers claimed on their prepared returns (Theodos et al. 2011). RALs proliferated after 1999 when the IRS reinstituted the debt indicator program, which disclosed whether a tax refund would be redirected by the IRS to pay debts.

Read More
Marlon JacksonComment
What is the percentage of people that get their taxes done by tax preparers?

A digital tax-prep tool is the most popular option among tax filers, with more than a third (34.5 percent) of tax filers saying this is the method they use to file taxes. Tax-filing software is a popular option because of the lower costs associated with filing digitally as well as the ease of using a program to automate calculations and deductions. Filing fees typically start as low as $0 or $10 to file federal and state returns using a basic 1040 form. The IRS also offers a free tax filing service called Free File, which is available to taxpayers who make $62,000 or less annually

Read More
Marlon JacksonComment