Category: blog&news

5 Popular Ways People Spend Their Tax Refunds

Every year, people across the United States are faced with an extremely difficult decision: should they save their tax refund money or spend it on something they have always wanted? Even individuals with the best intentions of saving their money sometimes change their minds once they hold their refund check in their hands. If you are not sure what to do with your check from Uncle Sam once it arrives, you may get some ideas by reading about the top five ways people spend their tax refunds.

1. Buffer Your Savings Accounts

As surprising as it may be, most Americans are actually fairly prudent with their income tax returns. Almost half of Americans receiving refunds reported in a nationwide poll that they put at least some of it into a savings account. The saving rates in America have dropped significantly in recent years, meaning this may be the only time some families have a enough surplus to justify saving.

2. Everyday Expenses & Budgeting

About 35 percent of adults surveyed typically spend most or all of their refunds on more practical uses, such as purchasing food for their families, paying down their monthly utilities, and making repairs around the house. For many families, tax returns are an essential way to make ends’ meet and improve their living space each year.

3. Investments

Around 34 percent of individuals receiving a refund plan to put at least some money towards saving and investing in the stock market or similar items. Although this may seem like a boring way to spend tax money, it is a wise investment in the future that will yield financial benefits years down the road.

4. Pay Down Debt

Approximately 31 percent of Americans have reported that they typically use their tax return to pay down their debt and increase their financial freedom. With student loans, credit card, and medical debts at all time highs, it is unsurprising to hear that families hope to get ahead on payments with this annual windfall.

5. Live it Up!

A very small percentage of Americans (around 11 percent) are expected to splurge with their refunds this tax season. Some of the most popular destinations for their refunded cash include new clothes, fancy jewelry, vacations, electronics, and gifts for friends and family. New, must- have gadgets are appearing every month, and the extra cash flow from a tax return can offer a much-needed escape from the daily grind.

Is There a Better Option?

Although Americans have shown that they are surprisingly responsible with their refunds for the most part, they could be setting themselves up for even more financial freedom in the future by using their refunds to start a business. Unlike investing in the marketplace, investing in your own business can yield quicker and more worthwhile financial results. The National Tax Office makes it easier than ever to start your own business as a professional tax preparer. If you choose to use your refund to build your business now, you can set yourself up for a more comfortable financial future. Don’t settle for financial mediocrity. Experience a taste of financial freedom by partnering with National Tax Office and starting your own business.

Your Tax Dollars, Hard At Work

Every year Americans work diligently to minimize their tax liability to the federal government, hoping for a significant return and some extra spending money. With billions of dollars being funneled through the IRS each year, many people often wonder what government programs are being supported by their hard earned tax dollars. Let’s take a look at some of the biggest beneficiaries and programs in the United States.

Armed Forces & Defense

Roughly one quarter of income tax revenue goes toward defense programs and military operations of some kind. Expenditures range from soldier salaries to research and development of next generation weaponry. Global turmoil and advancing technology from other nations present ever-greater challenges to our military, both at home and abroad. Your tax dollars help ensure that every member of our military has the equipment and supplies he or she needs to defend this great country!

Healthcare Programs

A few percentage points behind military spending are our nations various healthcare initiatives. Stalwarts such as Medicare and Medicaid receive large portions, along with programs geared towards research, development of medicines, public health centers, food safety, and emergency preparedness. The cost and availability of good healthcare is a widely debated topic in the United States.

Supplemental & Income Support

Income security programs receive the next largest portion – just under 20% in 2014. Programs include federal retirement benefits, various welfares, and the supplemental nutritional assistance program.

The National Debt

Every year our national debt total grows, and so does the amount of interest that it accrues. Your tax dollars certainly aren’t enough to repay the debt, but a portion of tax revenue is used to pay the interest. Defaulting on our debts would have an incredible impact on our nation, and would likely cause many of the things we take for granted to stop or change significantly. Income taxes play a big part in helping to prevent us from ever defaulting, and keeping the country running smoothly.

Knowledge Is Power

You work hard for your money, and it’s nice to know what your income tax dollars are funding. This should make you feel confident that you are playing an important role in our nation’s future, ensuring our safety, health, and wellbeing! If you want to play an even bigger part, consider becoming a professional tax preparer with the help of National Tax Office, and help other people just like you complete their taxes each year!

The Importance Of IRS Registration & How NTO Can Help

There has been a steep and apparent rise in the number of fraudulent tax filings, raising questions and concerns for people across the nation. Many are wondering what qualifies as “fraud,” and what steps they should take to avoid it.

What Counts As Tax Fraud?

Chances are you’ve heard countless stories of tax fraud over the years. The well-known horror of an audit evokes thoughts of scams, made-up deductions, falsifying income, and other methods of reducing taxes in unscrupulous ways. As long as you don’t fudge any numbers or lose any paperwork you’re safe, right? Wrong.

While it’s perfectly legal for a person to voluntarily prepare the tax return for someone else, a PTIN is required if compensation is given in return for the work. Parents may legally file for their children, and a neighbor may help someone complete their return, but if the preparing party is paid for their work, they are required to register as a preparer with the IRS.

How Do I get A PTIN & EFIN?

National Tax Office can help you register with the IRS, file for a PTIN, and complete all necessary training to professionally file tax returns. By registering with the IRS you are protecting yourself, and, more importantly, your clients from fraud.

Filing returns can be a profitable business for you, and a relief for many of your clients. Teaming up with National Tax Office give you access to tremendous resources and support, and together we can minimize the chances of fraudulent returns!

­Become A Legal, Registered Preparer With NTO

With relatively short training, and our assistance, you can become a legal, registered professional tax preparer without a huge investment of time or money. As the saying goes, there are billions of dollars for American’s to get back each year and you have the opportunity to grow your share far beyond your personal return. Help others maximize their savings and avoid unknowingly hiring a fraudulent preparer, get started with National Tax Office today!

Don’t Most People File Their Own Taxes?

While it’s true that many people will prepare and file their own taxes, more than half of Americans still rely on professional assistance. Many of those who file themselves are also unaware of the savings they are missing, and may believe that it is not worth the cost of a CPA, the perfect opportunity for a trained preparer to fill this gap.

Build Your Skills As A Tax Pro!

Every year companies tell us about how many gazillion dollars we are missing out on with our returns. What if you could help those people capture that lost money, and make as much as $100 per hour for your time? That’s what our tax prep packages set you up for, giving you the training and IRS registration help you need to prepare taxes professionally.

Of course, not everyone will make quite that much, as it can take lots of time and hard work. Our customers consistently succeed, however, making surprisingly good money with relatively minimal effort. This is the perfect way to save, or treat yourself to something outside of your regular budget!

Convenient, Efficient & Profitable

NTO gives you the resources to run an exceptionally professional preparation business. Imagine a shadowy garage door entrance, covered in cobwebs, a secret knock, and handwritten I.O.U.’s for refunds… This isn’t you! Our affiliates can help you create sharp marketing pieces, from business cards to flyers, find office space when you expand, and issue checks printed on site or debit cards for convenience! If you’re serious about making money, National Tax Office is ready to support you.

Join Our Family Of Tax Professionals Today!

We’ll even help you get your preparer’s identification number and electronic filing I.D. from the IRS (EFIN & PTIN!) You’ve probably been thinking about this for a while, give us a call today to find out how simple it is to get started!

Filing Early? Take Advantage Of The Extra Time!

April 15 is approaching quickly, and millions of Americans will soon be searching for a tax professional to assist them with this year’s filing. Instead of paying someone else, year after year, to prepare and file your taxes, shouldn’t you be the one getting paid? Tax preparation is a great way to increase your income, and with tax season on its way, there’s still time for you to get a piece of the pie!

Your Refund Shouldn’t Be The Only Check

A tax refund is a welcome boost for many, but what if you had the opportunity to grow your refund check into real profit? Imagine the independence and freedom you could feel if each year people paid YOU when tax season arrived?

There is a common misconception that you need to be a CPA to file taxes, however, this is simply untrue. While some training is certainly necessary, with the help of NTO you can be a qualified tax aficionado in no time at all!

This year, as you periodically check your bank account looking for your refund, imagine you are also seeing other income. If you’ve ever dreamed of owning your own business, being your own boss, or just making more money, tax preparation could be your ticket!

Do Even More For Your Bottom Line

If you enjoy helping others, or working with numbers, even without a formal math degree, NTO can help you become a professional tax preparer and open an office. We can help you get started with any skill level or budget, and you’ll receive a personal coach to guide you along the way!

We’ll even help you get your preparer’s identification number and electronic filing I.D. from the IRS (EFIN & PTIN!) You’re already ahead of the curve by reading this, give us a call today and make it a slam-dunk.