The Tax Hero Challenge is a contest for professional tax preparers. The goal is to get the largest refund legally possible for made-up clients. Winners get an iPod touch and all participants receive a free t-shirt. More information and this month's client profile can be found at www.taxherochallenge.com. [ http://taxherochallenge.com/ ]
Hmmm, new member, joined today, and first post refers to a TaxWorks contest? Me a bit skeptical...
Does anyone remember when Money magazine held an annual contest to test tax pros, and they would publish the results? The "best" or "most correct" preparer would get his/her name published, get named as the best in certain ads, etc.
But don't forget that the "worst" or "least correct" preparer got his/her name published also! What a great thing to show your clients and potential clients. "I am Money magazine's least correct tax preparer!"
What a deal!
This is nothing more than a marketing program to get you to use their product as you have to prepare the return with their product.
Whatever the clients profession or occupation, their overall tax refunds or balance dues depends on withholdings, estimated payments, "allowable and possbile deductions" that is necessary and ordinary for the business provided with receipts and statements, of course. Over inflated deductions without documentations are subject to an audit, which would only lead to addtional tax penaties, interests and or imprisonment or both. If tax credits could be claimed then that's much better because it's dollar for dollar payments that would offset tax liability. Tax deductions are generally about $.25-$.40 on a dollar against taxable income.
Bottom line is nobody wants to pay taxes more than individuals fair share, but be honest about it with integrity and ethics. Know the tax code and decipher it. There's a wealth of information there that could "legally reduce or elimate tax liabilities" if you know how. Otherwise, join the tea party group and let your voice be heard by Congress, who levy taxes to both its citizens and non-citizens workforce alike.
