Tips & Advice
What types of checks do check-cashing services accept?
Check-cashing services accept government checks, employment checks, and money orders. Some also will cash personal checks, although usually they will first call and verify details with the issuing bank.
Can a check be cashed without an ID?
A check cannot be cashed through a service without proper identification. In fact, many places require two forms of ID--at least one with a photo.
How does a check-cashing service work?
Check-cashing service offer quick cash to people who don’t want to or are unable to conduct their business with a bank. They make money on fees, which are assessed based on a combination of factors, including the amount of the check and how risky (i.e., likely to be fraudulent) the check might be. Check-cashing services make a significant effort not to process fraudulent transactions, which is why many will take extra precautions, such as calling the issuing bank to verify funds, and taking a photo of the person cashing the check.
Where can I cash a check?
Check cashing services are offered through a variety of outlets including companies like Western Union, as well as independent businesses such as grocery stores, liquor shops. Banks will also cash paychecks even if you do not have an account with the bank. Walmart is the largest retailer offering check cashing (and other basic banking) services.
What is a check cashing service?
A check cashing service is a licensed money-services company that will cash people’s checks and be compensated with a fee and/or percentage of the check. It offers people a way to access the funds issued to them via checks or money orders without depositing them into a bank account. It is classified as “alternative financial” service because it provides an alternative to a bank.
Can a tax preparer be sued?
Yes, a tax preparer can be sued for malpractice if the plaintiff can demonstrate that they suffered damages due to a tax preparer’s failure to meet the minimum standards required by the IRS. A higher-than-wished-for tax bill is not usually justification. However, there may be just cause if the tax preparer made mistakes on a tax return that led to gross overpayment of tax, or if the tax preparer made mistakes on a client’s tax return that led to the client being audited or sanctioned. A tax preparer can also be sued for misappropriating the client’s funds.
What are the benefits of filing taxes electronically?
The benefits of filing taxes electronically are chiefly that the documents arrive faster to the IRS and state tax centers, and can be processed faster. Also, for those who are e-filing payments, you know the money is going immediately to the IRS or the state, and there is an electronic record—so no stress about a check being lost or a payment not recorded.
How much does it cost to have taxes filed professionally?
The cost to have taxes filed professionally ranges from about $150-$800, but the average cost for an individual is $250. The lowest cost is for someone filing a Form 1040 without itemized deductions. The highest cost is for corporate tax forms, which are largely for legitimate businesses with several employees.Many former 1099 contractors are switching to LLC or S-Corp status and therefore end up needing to file business taxes. Even individuals who are filing 1099s with itemized deductions and multiple clients might find themselves paying $500 to have their taxes professionally prepared because of the amount of detail work this requires from the tax preparer.
What documents are needed for filing taxes?
To files taxes you must provide all W2s and 1099s for the previous year, business-income records (for small business owners), investment-income records, rental-property income records, and documents showing social security and unemployment income. If you’ve settled a debt and received a document forgiving a certain amount, you should include that paperwork as well.
What is a certified tax preparer?
According to the IRS, a certified tax preparer is an authorized tax professional. The IRS assigns a Preparer Tax Identification Number (PTIN) to people who have attained this authorization.
There are different credentials under the PTIN umbrella.
Note: Specific practice rights of “Unlimited Representation Rights” and “Limited Representation” were redefined in 2016, to assign less-qualified preparers fewer responsibilities under “Limited Representation.”
- “Unlimited Representation Rights,” i.e., the power of representing clients on all tax-related issues
- This includes Enrolled Agents, who are licensed by the IRS, and CPAs, who are licensed by state boards of accountancy, the District of Columbia, and U.S. territories
- Attorneys licensed by state courts
- “Limited Representation” certification for seasonal or non-credentialed individuals who can prepare taxes only, but not represent clients to the IRS