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Great Tax Tips for You and Business Owners

Sycamore Tax Service advises that it is never too early to start getting organized about your taxes. Here are some tips to get ahead before the April 15th deadline.

• Schedule an appointment with us through McCullough & Company, Inc.
• Gather your records in advance. Make sure you have all the records you need, including W-2s, 1099s, 1095As, or proof of Health Insurance coverage. Don’t forget to save a copy for your files.
• Download a Tax Organizer. It is a great tool to help you make sure that you are aware of the deductions you may qualify for.
• Double Social Security numbers - These are among the most common errors on tax returns. Taking care on these reduces your chances of hearing from the IRS.
• Get the fastest refund. When you file early, you get your refund faster. Using e-filing with direct deposit gets you a refund in half the time as paper filing.

Warning: Telephone Scams Are Making Rounds

The IRS warns consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation, or suspension of a business or driver’s license. Characteristics of this scam include:

• Scammers use fake names and IRS badge numbers. They generally use common names and surnames to identify themselves.
• Scammers may be able to recite the last four digits of a victim’s Social Security Number.
• Scammers spoof the IRS toll-free number on caller ID to make it appear that it’s the IRS calling.
• Scammers sometimes send bogus IRS emails to some victims to support their bogus calls.
• Victims hear background noise of other calls being conducted to mimic a call site.

After threatening victims with jail time or driver’s license revocation, scammers hang up; others soon call back pretending to be from the local police or DMV, and the caller ID supports their claim.

Click here to download and complete our information sheet.