Hannah is a CPA and also a member of the Tax Master Network. Today’s show is slightly different because Hannah currently works for a major tax preparation firm, and during tax season, she worked as a remote CPA for them. She’ll be revealing some interesting facts and statistics about the industry, however, we’ve kept her identity private for the show. Hannah also will be sharing ways you can leverage the new tax changes to your benefit depending on which state you’ll be residing in and things to be aware of when you’re working with tax preparation software.

 

Key Takeaways:

[:18] John introduces his guest for this episode — Hannah.

[1:44] Hannah shares some numbers about tax returns.

[6:25] TurboTax and H&R Block have between almost 45% of the market.

[10:14] There was an overall decrease in debt because H&R Block had fewer itemized deductions returns.

[13:24] CPAs were expecting a decrease in their 1040 practice, but that hasn’t been the case this year.

[15:04] Hannah believes all CPAs need to get better at fully understanding their individual state tax laws.

[17:39] How do big companies like TurboTax connect you with a CPA in your state?

[20:44] There are about 11 states that won’t let you itemize on your state unless you’ve itemized on your federal.

[21:17] Hannah explains why she recommends the 529 plan to her customers with children.

[26:54] Hannah shares insight on the lawsuit in New York with TurboTax and H&R Block.

[33:44] Lots of things are changing. Hannah talks about QBI deductions and what you need to be aware of.

[34:56] What do consumers have to say about these tax software programs?

[39:08] It drives John nuts that none of these accounting programs have Open APIs.

[42:58] CreditKarma is trying to get into the tax space, but their service is just error-ridden.

[46:04] People lie on their taxes forms all the time! CPAs know when you’re lying.

[54:34] How long does Hannah spend with each client?

 

Mentioned in This Episode:

Tax Master Network

TurboTax

H&R Block

Quickbooks

IRS

TaxSlayer

TaxAct

Smartvault.com

CreditKarma

MileIQ

Expensify.com

Museumofthebible.org