Tax Talk

Question: I often see you use the phrase: Open 23/7/365. Shouldn’t that be 24/7/365?

Answer: No, that is not a typo. I use that phrase in honor of my dad.

My dad, Boyd Collett, spent well over a decade of his life under ground in the coal mines. In the late 1950’s he started his own taxicab company, OK Cab, in Pineville, Bell County, KY, which he owned and ran for over 30 years. His business cards always read, “Open 23 hours a day.” I remember, when I was a child, my dad seemed to always be working. He would go out to help those who needed to be transported any time, day or night. He lost a lot of sleep, missed many Christmas dinners, but would never leave someone stranded. Later on I asked him, “Dad, your cards said ’23 hours a day’. What hour were you closed?” To which he replied, “That’s exactly it, I got to choose the hour.”

My dad was not a highly educated man. He worked hard in jobs that no one expected to make a lot of money. But he taught me, by example, to work hard, whether it was while studying to get my education, for my bosses as an employee, or for my many clients today. I am proud to say, “We are open 23/7/365.”

Thanks, dad.

Here are some pertinent tips to make tax time easier without losing any of your refund.*

Gather your records Round up any documents you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.

Be on the lookout W-2s and 1099s will be coming soon; you’ll need these to file your tax return.

Have a question? [Write them down. Call for a pre-tax preparation appointment. We are glad to answer many short tax questions right over the phone.]

IRS e-file IRS e-file is the safe, easy and most common way to file a tax return.　Last year, 79 percent of taxpayers – 106 million people – used IRS e-file. [Conover & Conover, CPAs, PSC, has been an Authorized e-file provider since 1992.] If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, the IRS issues refunds to 98 percent of electronic filers by direct deposit within 14 days, if there are no problems, and some may be issued in as few as 10 days.

Consider direct deposit If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than a paper check in the mail.

Remember this number: 17 Check out IRS Publication 17, Your Federal Income Tax, on the IRS website. It’s a comprehensive resource for taxpayers, highlighting everything you’ll need to know when filing your return.

Review! Review! Review! Don’t rush. We all make mistakes when we rush. Mistakes slow down the processing of your return. Be sure to double check all the Social Security numbers and math calculations on your return as these are the most common errors. [Of course, you won’t have to worry about math calculations if we prepare your return.] Don’t panic! If you run into a problem, remember the IRS is here to help. [And most importantly, so are we! Conover & Conover, CPAs, PSC can be contacted 23/7/365.]

*[Bracketed, italicized comments are mine].

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CIRCULAR 230 DISCLOSURE: To ensure compliance with the requirements imposed by the IRS, we inform you that, to the extent any communication in this blog [Tax Talk] addresses any tax matter, it was not written to be (and may not be) relied upon to (i) avoid tax-related penalties imposed under the Internal Revenue Code, or (ii) promote, market or recommend to another party any transaction or matter addressed herein. Likewise, nothing herein is intended to convey an expression of an opinion as to the likelihood a tax position would ultimately prevail if challenged by the IRS.

Open 23/7/365: In honor of my dad

Tax-Time Tips from the IRS

Here are some pertinent tips to make tax time easier without losing any of your refund.*

Welcome