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  • Writer's pictureNeil Boone

A Tale of Two Taxpayers, Part 1

Story time!

Ok, so I put the creative juices here to work here. This is not as easy for someone who is a predominantly left-brain thinker, however, I did have fun writing this. These stories were inspired from the recent experience I had with two clients. You will find that Part 1 tells the story of a taxpayer who had a simple tax filing need, and Part 2 (coming soon) tells the story of another taxpayer who had a bit more complexity in their tax return. You will clearly see the vast difference between the taxpayer self-preparing their return and then having having a tax advisory prepare their return.

I hope you enjoy the tale of two tax payers who walked through the virtual doors of Basis Tax Advisory. These tales were inspired from actual events.

Part 1

No More Cousin Vinny

Mark's tax situation was pretty straight forward. He had a full time job, was living in the home he purchased a few years ago, and was planning on having a family in the distant future--not anytime soon.

In previous years, Mark was able to rely on his cousin Vinny, a tax lawyer, to help him file his taxes online pro-bono. In late February, his cousin Vinny took on a case that immediately took up all his time. A great opportunity for cousin Vinny, but bad news for Mark, since Vinny couldn't help him with his taxes this year.

Mark was left on his own with no one to turn to. No more cousin Vinny. The only other option he was aware of that might be affordable, was to call and schedule an appointment with the widely known company, Tax Return Block (a.k.a. TR Block). He reluctantly requested PTO for next Friday to make sure he can arrive to his TR Block appointment on time, and make it back home in time to watch the season premier of Game of Chairs. Mark couldn't afford to take time off work nor was he inclined to having to pay since he had cousin Vinny around. Needless to say, Mark began feeling uneasy about his tax situation.

On a Tuesday evening, just a few days before his Friday appointment, Mark was watching late night television, devouring a bucket of his favorite ice cream to temporarily alleviate the tax anxiety. As he went for his last scoop, a commercial appeared that caught his attention. This time, it wasn't the personal injury attorney asking if you've recently been injured in an auto accident. Rather, it was about taxes. The company, Basis Tax Advisory, advertised how they can make this tax season less taxing. Cheesy, yes, as expected for a late night ad. But he was hooked when they said that they can help get your taxes prepared and filed, all from the comfort of your own home. That struck a chord with Mark, so he took immediate action and scheduled an Introduction Call for the next day, directly from their website. It took him less than a minute to book the appointment. Hmmm, that was easy... he thought.

On the day of the appointment, Mark grabbed a cup of coffee, parked himself at his kitchen bar, and popped open his laptop to join the Zoom meeting that was starting in 3 minutes. After the introductions and pleasantries exchanged with the Tax Advisor, Mark was able to share his concerns, have his questions answered, and felt good knowing that the the advisor took the time to understand his needs and also had the expertise to help him.

After reviewing Mark's previous year tax return, and determining what forms would need to be filed for this year, the Advisor sent an email to Mark. The email included the cost it would be to prepare and file his returns, including an estimated time of completion.

Given the fact that Mark had never had to pay for his returns with Vinny around, he Googled how much TR Blockage and other companies would charge to get a sense of paying for such services. Sure enough, he quickly saw how Basis Tax Advisory was making this process less taxing, as comparable prices for his specific tax return needs were reasonably less than the big name tax prep companies. On top of that, Mark was able to cancel his PTO for Friday, save a trip into town, and comfortably watch his Game of Chairs... his tax anxiety was almost non-existent. Mark decided to go with Basis.

Things only get better for Mark. In the days that followed, Mark received a few notifications on his iPhone to answer some questions his Tax Advisor sent. He was also sent a link to securely upload his W-2s and 1099s. It took less than twenty minutes to complete everything he needed to do. Mark was in tax prep heaven, knowing that his part was complete in the preparation process, and that his Tax Advisor would take him through the finish line from that point on.

Mark's taxes were filed promptly and he received the expert guidance he needed. Looking back at the time and money he saved, Mark was a happy taxpayer.

Oh, and just in case you were wondering, what happened to Mark's Tax Advisor and the firm? Great question. Well, the advisor and his firm continues to deliver the same services for more clients. They are able to do this because they have eliminated many inefficiencies in the tax preparation process existing today, making it less time intensive, and more streamlined. Finally, with low overhead as a virtual firm, clients can share in those benefits, and experience an increase in time dedicated to the more valuable planning aspects of their return.

The End.

Although a fictional tale, I hope you get the essence of what it looks like as a new client of Basis Tax Advisory with a simple return.

Stay tuned for Part 2 of A Tale of Two Taxpayers, where learn about how a taxpayer on the other side of town from Mark, consulted with Basis Tax Advisory, and turned their return completely upside down after utilizing existing tax laws to their benefit.



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