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Tuesday, March 3, 2009

Fight for Your Money Tips for Tax Time


Dear Friends and FinishRich Community Members,

I'm a huge believer in having your taxes done professionally, especially if your income exceeds $50,000 a year. In my experience, the savings you realize from a professionally done return will more than cover the cost. In fact, the savings are usually somewhere between five and 10 times your investment. So if you spend $500 having your tax return done, you will more than likely shave $2,500 to $5,000 off your tax bill.

Saving money on tax preparation is just one of the many topics covered in my new book, Fight for Your Money. I stopped by the Today Show this morning to talk about it with Matt Lauer. Here's a sampling of some of the tips we discussed:

Look for a Real Professional: Your best bet for quality tax-preparation help is to use a certified professional. Are they more expensive? Yes. But their experience and ability to spot just one missed deduction or credit can easily save you the difference. Consider hiring an Enrolled Agent. Enrolled Agents (EAs) are federally licesnsed tax specialists, oftentimes former IRS employees. You can find one by going to the National Association of Enrolled Agents or the National Association of Tax Professionals. Certified Public Accountants (CPAs) are another good option. Visit the American Institute of Certified Public Accountants and the National Society of Accountants for referrals.

Look for Protection: Before you hire a tax preparer, find out what (if any) protection you wil have in the event they make a mistake. The big chains typically promise to cover any fines, penalties, and interest you might get hit with as a result of their work. Many CPAs and EAs will do the same. But this is not something you can just assume. So make a point of asking about it in advance. And if they tell you that nothing is guaranteed, take your business elsewhere.

Ask About Outsourcing: Some accounting firms outsource their tax prep work to chains. Others send returns overseas, where they can be processed overnight for as little as $50. Either way, you're being ripped off - and subjected to the dangers of identity theft. Think of all the data in your tax return - name, social security number, date of birth, bank and brokerage account numbers. To an identity thief, getting all this data in one package would be like hitting the jackpot! So you must find out how your personal information is being protected.

For more on this topic and others including protecting your money when it comes to car repairs, extended warranties and even social security, tune in to the video of the Today Show or read on to find out how you can get $500 worth of free bonus downloads when you buy the book today.


It's my mission to get my new book,
Fight for Your Money into the hands of every consumer who could benefit from it. But I need YOUR help to do that. Will you help me spread the word by getting Fight for Your Money to the top 10 on Amazon.com and BarnesandNoble.com this week? Pre-order the book today, then tell five of your friends and family. You can also click on the blue Forward link at the very bottom of this email to share this announcement with your network.

I sincerely thank you for helping to get the word out. This community is awesome. I've put together a really great bundle of bonuses that you can download for free when you pre-order the book online. Get all the details here. We've even extended the deadline to March 9th.

And to those who already pre-ordered, I'm grateful--thank you.


I just uploaded my newest Fight for Your Money video on our Facebook fan page. If you have a 401(k) plan, I want you to take a look at this video to find out:

What to do if your plan is charging you excessive fees (anything over 3% is too much)
Why you shouldn't invest too heavily in your own company's stock
Why you shouldn't borrow from your 401(k)
Why you shouldn't cash out when you leave your employer
and more!

Click here to view this video on Facebook. And while you're there, take a second to join us as a Fan!

Thank you to the entire Finish Rich Community for all your support. I hope you all enjoy the new book.


Live and Finish Rich...Your friend,


David Bach

P.S. Are you following me on Twitter yet?

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