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Just as doctors, attorneys and other professional seem to get “hypothetical” questions from family and friends, I recently asked two accountants what type of questions they get at dinner parties about income taxes and tax preparation.
Mark received the request that a client wanted a second opinion on his return- and if the client received a larger refund than what Mark had calculated, would Mark pay the fee (NOT).
Lynn was asked if a pet owner could apply for a social security number for her show dog. The reasoning was the dog earned fees and prize money, the owner would gladly pay taxes and then off set any taxes for all the training (doggie college is expensive), travel, training for the owner and food . Lynn explained the client had things a little backwards, but the pet owner insisted that “Bucks” the dog had told his owner she was to receive all his estate. (Woof, Woof). Lynn sent her on to another firm.
While we all have our opinions about taxes and the rates we should pay, it is important that everyone that should file a return does and do so in a timely manner. Tax debts are reported on your credit report. While you may disagree with our income tax system, not filing and not paying income tax has an impact on your credit life.
And next time at a party, ask your accountant the doggie Social Security number and see what answer you receive. Bucks is watching his mail box.
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