- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
The epidemic of tax-return preparer businesses
Posted on 2/1/16 at 12:57 pm
Posted on 2/1/16 at 12:57 pm
At least once a day I see somebody dressed as Uncle Sam standing near a busy street encouraging all to use a nearby tax return professional to process their tax returns. Usually it's in a bad area of town. Are they preying on the poor? I don't remember seeing so many flyby night tax preparer business 15-20 years ago. What gives?
15
Posted on 2/1/16 at 12:58 pm to Eightballjacket
I'm pretty sure they have been around for a while.
Posted on 2/1/16 at 1:03 pm to Eightballjacket
quote:
What gives?
Your neighborhood turned into the ghetto
Posted on 2/1/16 at 1:03 pm to Eightballjacket
I usually do my own taxes...anyone know a good local professional? New Orleans/Metairie area?
Posted on 2/1/16 at 1:07 pm to Eightballjacket
yep. pay day loan places and tax return places like that make a killing off of poors (sub $100k = OT poor).
Posted on 2/1/16 at 1:10 pm to Eightballjacket
They are definitely preying on the poor. Instead of charging $X for a 1040, $X for a 1040EZ, etc., they charge a percentage of the refund.
Where a good CPA will do a 1040 and give you sound financial advice for $175, these hood rats will charge 10% of your $6,000 refund to put your numbers in a computer and have no idea what they mean. Pay them another 10% and they will give your refund to you within a day or so, effectively charging you 300%+ interest.
But the people who use these services have no idea they are being fleeced. Or if they do know, the idea of thousands of dollars in their pockets within a day outweighs waiting 2-3 weeks.
I'm not one for government regulation, but I wouldn't mind seeing these thieves shut down.
Where a good CPA will do a 1040 and give you sound financial advice for $175, these hood rats will charge 10% of your $6,000 refund to put your numbers in a computer and have no idea what they mean. Pay them another 10% and they will give your refund to you within a day or so, effectively charging you 300%+ interest.
But the people who use these services have no idea they are being fleeced. Or if they do know, the idea of thousands of dollars in their pockets within a day outweighs waiting 2-3 weeks.
I'm not one for government regulation, but I wouldn't mind seeing these thieves shut down.
This post was edited on 2/1/16 at 1:12 pm
Posted on 2/1/16 at 1:16 pm to anc
i was involved in litigation once with one of these and it was aimed at black professionals and the rates for returns was amazing
like $500
my business return via CPA is around that much (admittedly I do all the legwork myself and just submit my documents scanned and ordered so it's easier)
like $500
my business return via CPA is around that much (admittedly I do all the legwork myself and just submit my documents scanned and ordered so it's easier)
Posted on 2/1/16 at 1:30 pm to Eightballjacket
Poor people generally get big returns due to the EIC, single parenthood, blah blah blah.
These places charge them a % of their return to do file for them, then another (bigger) % on top of that to cut them a check in a few days. Poof, a $7500 return turns into a $4500 return real quick. The Tax place makes out like a king for doing 20 minutes of work. Predatory is a nice word for it.
These places charge them a % of their return to do file for them, then another (bigger) % on top of that to cut them a check in a few days. Poof, a $7500 return turns into a $4500 return real quick. The Tax place makes out like a king for doing 20 minutes of work. Predatory is a nice word for it.
Posted on 2/1/16 at 2:05 pm to Eightballjacket
Because the poors need that rapid refund to get the Dodge Neon with 140K miles from the corner used car lot.
Posted on 2/1/16 at 2:08 pm to HogBalls
quote:
Because the poors need that rapid refund to get the Dodge Neon with 140K miles from the corner used car lot.
No, they need to get the rims and stereo to put on the neon. Priorities man.
Posted on 2/1/16 at 2:19 pm to ShoeBang
quote:
Predatory is a nice word for it.
Meh. If someone is dumb enough to use them, that's their own fault.
Posted on 2/1/16 at 2:23 pm to Golfer
Most people should not be in charge of their own finances
And no, I'm not a democrat
And no, I'm not a democrat
Posted on 2/1/16 at 2:33 pm to Golfer
quote:
Meh. If someone is dumb enough to use them, that's their own fault.
It's a great business model. Gotta be able to put your morals away to do it, however.
Posted on 2/1/16 at 2:37 pm to anc
quote:
I'm not one for government regulation, but I wouldn't mind seeing these thieves shut down.
Why do you hate capitalism?
Posted on 2/1/16 at 2:37 pm to ShoeBang
quote:
It's a great business model. Gotta be able to put your morals away to do it, however.
Sure. But I don't think they are predatory.
Posted on 2/1/16 at 2:40 pm to Eightballjacket
The girl that was on the corner of sherwood/coursey at one point enjoyed her profession. She would have a jam box, headphones and baton. Made for a great viewing experience while stuck at that light.
Posted on 2/1/16 at 2:41 pm to Eightballjacket
I don't get paying more to get your own money back a few weeks faster
Posted on 2/1/16 at 2:45 pm to Topwater Trout
Fedex a letter or USPS a letter first class.
Millions of people chose every day to pay more for faster.
No difference.
Millions of people chose every day to pay more for faster.
No difference.
Posted on 2/1/16 at 2:46 pm to anc
quote:
But the people who use these services have no idea they are being fleeced. Or if they do know, the idea of thousands of dollars in their pockets within a day outweighs waiting 2-3 weeks.
They deserve their fleecing. Call it retribution.
Posted on 2/1/16 at 2:48 pm to Topwater Trout
quote:
I don't get paying more to get your own money back a few weeks faster
Generally speaking these people are poor because they make bad financial choices. They want the money now because they desire instant gratification from a new purchase, or owe someone else money for a recent purchase that provided them with the instant gratification.
Page 1 of 2
Back to top
Follow TigerDroppings for LSU Football News