Episode 17

April 07, 2023


#31 | Jim Simpson | Tax Assistance For Seniors

Hosted by

Tony Siebers Bina Colman
#31 | Jim Simpson | Tax Assistance For Seniors
Parent Projects - Aging In America
#31 | Jim Simpson | Tax Assistance For Seniors

Apr 07 2023 | 00:35:51


Show Notes

Jim started Masters of Coin to bring together the many volunteers who have helped make the SCC VITA (Volunteer Income Tax Assistance) program such a success and expand the reach to help people become better citizens through financial education. Jim’s occupational experience is wide and varied, including entrepreneurial experience as the owner of a fence contracting business, corporate experience at BF Goodrich Aerospace as an international sales representative, and professional experience as a CPA at McGladrey & Pullen, CPAs. His educational background includes a Bachelor of Science in Marketing, a Bachelor of Arts in Spanish, and a Masters in Tax, all from Arizona State University. He earned a PhD in Education from Walden University.


Looking for information? Parent Projects takes the stress and intimidation out of the process for families relocating an aged loved one using our educational and self-help downsizing guides found at www.parentprojects.com. Through our “Verified” Business Network, advocates can access the pre-screened professional services they need on their terms with the financial and personal safety peace-of-mind their families deserve.


Please subscribe to the podcast at:
Castos: https://parent-projects.castos.com
iTunes: https://podcasts.apple.com/us/podcast
Spotify: Parent Projects


Join @ParentProjects on Twitter
Follow us at: Facebook @ParentProjects
Instagram @parentprojects


00:00 – Intro

00:07 – Welcome to the Show

01:46 – Introduction to Jim Simpson

08:33 – VITA’s Resources

10:54 – Zoho One Ad

12:03 – Financial Resources for your Aging Parents

28:18 – Parent Projects Connect Ad

28:50 – Things to Think About Before You File

33:05 – Closing Remarks


Like What You See?

Parent Projects™ Podcast is a resource of stories, interviews, and tips to help families find relief in rightsizing by replacing guilt and fear with a little love and laughter.

Contact Us With Your Comments:

View Full Transcript

Episode Transcript

Speaker 1 00:00:08 Hey everybody, and welcome I well, it is Holy Week here at Parent Projects and, uh, into a new month comes kind of the new angle we are working through. We are really challenging that. Home is where the heart is, uh, in, in using different ways to help our, our family members understand ways of transition and see themself in other places. And one of the top things that we use to help understand the facts or where the situation that we're in is sometimes putting together our finances and understanding the taxes. But that can be extremely complicated, right? With such a high percentage of America, uh, that utilizes Social security is 90% or greater of their income once they're retired. There's a lot of people that opt out of taking a look at their finances all the time. Might not have a clear picture. Today we're gonna talk with Jim Simpsons at, with Vita and Masters of Coin, uh, here in the Scottsdale areas area about how we can help as family members understand that full picture, why there's reasons to be looking at filing a tax return, even if social security is primarily your source of income and many other things that will help you get a handle around the home. Speaker 1 00:01:15 So stay tuned. Speaker 2 00:01:37 You're listening to Parent Projects, a family Media and Technology Group Production. Now here's your host, Tony Sievers. Speaker 1 00:01:47 Hey, everybody. You know, between 20 and 40% of Americans over the age of 60, 65 are just on Social security. Is is really primarily what they're living off of. Like 90% or greater is the statistic the Jim Simpson brings up and talks with us today. Uh, and what that can mean when we're trying to work through some objections of why we should spend tax time, use this opportunity to get a good financial picture of where mom and dad are at, or our aging loved one in general. Jim, a thanks for joining us today and helping us get our arms around the tax situation and ways that we can help do this, uh, for free. Uh, especially if our family member, uh, is, is really primarily just working off of an income of Social Security. Thanks, brother. Speaker 3 00:02:33 Hey, my pleasure, Tony. Glad to help. Speaker 1 00:02:36 So, you know, one of the, I think overarching, one of the, um, one of the organizations that the, that we, we've talked with you about, I think we met you originally and talked to the, originally down at the All Things senior conference down in Scottsdale. And you'd brought up Vida in the idea, uh, of Vida, this volunteer income tax assistance, uh, a big part of not just Scottsdale, but down into Arizona. Can you, can you share kind of Vida, what's that experience? Where are you guys coming from and what's that do? Speaker 3 00:03:04 And Tony, even, this is a national program. It's an i r s sponsored, i government funded program that, uh, will, it, it's designed to help low to moderate, uh, income taxpayers and also elderly and disabled taxpayers provide, uh, free tax assistance to, to prepare their returns. All of the preparers are volunteers. They're IRS certified, so you're getting professional tax assistance and it's free of charge. And a lot of our clientele is, is exactly the clientele that, that the, the, the audience that you are addressing here. As, as you mentioned in the introduction, there's like 20 to 40% of people who live on social security alone. And Tony, many of those folks, they have been told, you know, especially once they started collecting social security and kind of retire from work, you know, they go to their professional tax preparer. And especially since the tax act of 2019, which essentially doubled our standard deductions. Speaker 3 00:04:10 Yeah. They're saying, Hey, you don't have any tax liability. I don't need to charge you to prepare this return. Yeah, that's very true. Okay. But however, there's several reasons that they should. Number one, if, if social security is their only income, they're entitled to some Arizona credits. For instance, the property tax credit. Now, you know, you may go to your parents, your, your, your, your audience. They may go to their parents and their parents say, well, I I don't qualify for that. I ran here. Well, everybody pays property taxes. You may pay it to your landlord who then turns it over to the government, but you're paying part of the property tax credit. So this is also a renter's tax credit. Mm-hmm. <affirmative>. And this credit can be up to $527. Well, $502 for that credit. $25 for an excise sales tax credit. Okay. We have people, I run one site, this VITA site at the Villa Linda Senior Center up in North Scottsdale. We have people lined up on the day that filing opens up cuz they know they can get in there, file that tax return, they get $527 in the mail in the next week. Speaker 1 00:05:20 Wow. And in general, even if you were gonna look at, uh, you know, one of the other, you know, a national firm or somebody that was going to help that turned you away, it's cuz it's gonna cost maybe a couple hundred bucks to work it. That one thing alone, that one thing alone would cover the cost of doing those things and give you an opportunity to get a good assessment of the family of what's going on financially. Yeah, that's fantastic. Speaker 3 00:05:43 I, you know, Vida we focus on helping taxpayers like this and, and professional preparers, they're, they're really, they're not focused on helping this population that's not their clientele. Speaker 1 00:05:56 So, you know, talk to me through I that this is a unique, well, it's, it's a large population. It's an insanely growing population, and more and more people are finding where families kind of gotta step in and help with these things, especially as this, this silver tsunami weighs through and, and more people retire. You, you commit this as, as a university, right? It's, it's, it's teaching at a college. Are you a college profe you're looking at from a college professor standpoint of how you get in with tax and that how, talk to us about how you got, what's your journey? How do, how do you come in to spending so much time helping families here? Speaker 3 00:06:33 Tony, I, I, I'm a CPA by trade and I worked many years in firms, had my own firm and I had the opportunity to go teach in the community colleges and I loved teaching. So I worked 20 years at Scottsdale Community College. And the best thing that I did at that college, I used to teach computer information systems and accounting and income tax. And I took, I was familiar with the Vida program because I had volunteered when I worked in a large firm. You know, we spent a couple days volunteering in that. So I knew about the VIDA program and I decided to start one up at the college. And I took, the first year was just me and five of my tax students. I got them certified through irs and we started doing tax returns for people, and I don't, we maybe did maybe 50 that year. It doubled the next year, doubled again. The next year I started getting community volunteers and doing training. We got up to where we were doing like 800 returns a year. Speaker 1 00:07:32 Wow. Speaker 3 00:07:32 And we're still continuing to do that. Wow. At Scottsdale Community College plus Masters of Coin. My organization, when I, when I retired about three years ago, I wanted to keep this going. So in order to do that, I started a nonprofit, masters of coin. And I've also opened, I've got now five sites along the Scottsdale corridor, but I wanna be sure your audience recognizes that it's just not masters of Coin in these five Scottsdale sites that are Vida Vida is all over the county. It's all over the country. And we, we have several, we have a coalition of providers of other nonprofits like Mesa United Way and City of Phoenix and a New Leaf. We're all Vida providers. And I, I'd like your, your constituents to know that, um, there, there's a site that they could go to vida central az.org that will allow them to navigate to a map and find a site near them. Speaker 3 00:08:33 We do, we do not compete with each other. We're trying to help these folks. They're the people who need the help the most. And we're just trying to help them. We share resources among our community of vita providers. We, we do, you know, countywide training. We're, we're all certified in the same thing. And, and going back to keeping myself on track, that's what I did at Scottsdale Community College. And I started it. And I, I do come at this as, as a bit of a professor, I provide a lot of the training for our network for doing this. I love teaching acts. Speaker 1 00:09:09 I I love that in, in the use of, you know, look uses of putting people together. Tech, this is one of the beauties of what technology can do for us when it <laugh> at its best when it works, being able to connect people to those types of resources, to mobilize people. And, uh, and I think get them going is a valuable side of that. Let's, uh, you know, I want to, you, you mentioned a couple of great things, uh, of, of just some detailed items that are, are, are reasons to kind of get over some of those objections or why mom and dad might, might not even be aware of. So when we come back from, we're gonna take a, a, a break here with a commercial sponsor. But when we come back from that, I would love to break that down into, into detail and let's, let's sit down and go through a couple of those. Speaker 1 00:09:52 What are the objections that mom and dad are gonna talk at you about? And what are some, some easy answers to that that's gonna make it a bit of a no-brainer when we come back? So everybody standby off of that. We're, uh, we're gonna take a quick commercial break and we're gonna talk in with Zoho One, Zoho one I will say is, um, it is a technology platform that we utilize in our organization across the full board. It allows us to engage what we call omnichannel. We can meet our members where they're at, if they're out on Facebook, if you're out on, on YouTube, if you're out off of the worldwide web or we meet you in person, it allows us to see, you know, how we can communicate with you best because all of our information on our data sits in one particular place where it can be protected well and allows us to action and develop things based exactly in the way that you need it to work. So happy to share this. If you've got a business out there, uh, and you are scattered across a bunch of different platforms, you should definitely take a look at this with Zoho. One, Speaker 4 00:10:54 Introducing Zoho one. Zoho one gives you a unified suite of business and productivity applications to manage your sales, marketing, customer support, hr, finance and operations custom solutions and more. All the business applications and Zoho one are fully integrated with the unified app suite like Zoho. One that seamlessly connects your marketing and sales. You can now measure the effectiveness of your marketing campaigns based on the leads and deals it generates. You can also connect sales with your inventory management system to update stock counts. Likewise, you can streamline your invoices by integrating your sales and accounting, automate sourcing, tracking and hiring to recruit the best talent and build great teams. When your business runs on one unified suite of apps, silos, dissolve and insightful strategies emerge. When apps work together, your business runs better. Zoho one, the operating system for business. Speaker 1 00:12:04 Hey, welcome back this week, everybody, uh, is, we are working in home is where the heart is. We're talking specifically with Jim Simpson, masters of Coin and with Vida, which is the volunteer income tax assistance, uh, which is a, a not-for-profit organization. Just can help family members get a handle on the your home operating system and what things look like from a perspective of finance. Oftentimes. Uh, Jim, by the way, th thanks for, uh, joining us this week. You know, o oftentimes finance, um, it could play a key role in understanding what's going on, right? Where things are going at. Just getting a handle on the fact of what resources do we have, uh, what are we spending that mo that time and that money on, uh, and, and what do we need to plan for in the future? And oftentimes, I hear a lot of families talk about their parents stopped, you know, having a job. Speaker 1 00:12:55 They stopped most of our audience. A lot of our audience, actually most of our audience, they're managing open jobs. They run companies. They've got their own businesses that are going across and in departments and people that work with that. In addition to doing all of that, now they're trying to help mom and dad, um, as they step through their life. But mom and dad stopped tracking tax. They didn't have to, they, they lost that opportunity to track what's going on in their life factually and money, uh, by doing the tax return. You know, uh, you've, you've got some real, um, benefits to doing a tax return, even if the law says you don't have to, which kind of gives us an opportunity to, to see what's going on or get a better picture of that. What, um, I guess throwing a lot at you there. What, what would be some some core questions that you might see a family, uh, when they start engaging a Vida? What are, what are some of the top questions or the, the pushback that maybe they're getting, uh, when they're trying to help their parents work through their tax returns? Speaker 3 00:13:58 Well, Tony, lemme try to answer that by building a scenario that kind of fits within your theme here of what you're saying. And so you, you, you approach your dad and, and dad is always, he's done his own tax returns. He knew everything about doing that. And, you know, so now you approach your dad, well dad, what are you doing with your taxes now? Oh, son. Uh, I don't need to file. I've, I, you know, my, most of my income is social security. I make a little bit of other income and, and you know, I know social security is not taxable at my level of income, so therefore I don't even need to file a tax return. Well, dad, uh, that's true. I, I, I think you're right about that. But did you know that there's a property tax credit that you might get if you filed a tax return and your income's low enough? Speaker 3 00:14:44 Uh, well, I, I rent son, so I I I I don't need that property tax. I can't get that property tax credit. Well, yes you can. It's also our renter's tax credit. Okay, well we've got that. But you know, dad, there's another good reason for this is in the next few years you may wanna try to qualify to freeze your property taxes. And to do that, you're gonna have to provide three years of income tax returns to justify that your income's low enough to qualify for that freeze. So if you don't file the return, then you may be stuck not being able to get that freeze. And here's a third thing, because I heard you, Tony, in, in the introduction to that commercial talk about protecting your data. Yeah. A little bit. Well, there are just so many scammers out there, and I know you, you, everybody's been hearing these things from IRS and they'll grab your social security number, they'll file a tax return on you, they'll claim some self-employment income to get $10,000 worth of credits. And you'll never know what happened to you until, you know, you, you, you need to go apply for some kind of credit or something like that. And then somebody <laugh> Speaker 1 00:15:57 Says somebody else Got it. Speaker 3 00:15:58 Yeah. Speaker 1 00:15:59 Oh man, you Speaker 3 00:16:00 Wanna protect yourself for doing that. Yeah. And, and by the way, dad, you know, you're right. There's no sense paying a fee to somebody like that cuz even if, you know, what are they gonna charge you to, to be able to do this? But Vida will do this for you for free, and they have qualified IRS certified preparers that, that will do this. Speaker 1 00:16:20 What does a family need to qualify for Vida services? Speaker 3 00:16:25 Generally, we serve what we call the low to moderate income population, which that's kind of defined as less than $60,000 of household income. But we also will, will, that's a soft limit, especially when it comes to seniors and to disabled folks, will, will kind of, uh, we'll fudge that limit a little bit. We're not trying to help those people who have $150,000 of dividends and interest income and stock transactions. I they can afford some professional help. Sure, sure. You know, that's basically our target. Speaker 1 00:16:58 But that's your mission. So in general, I mean, even what I'm looking for is you're, you're, you're likely not turning people away that are coming down there. You just, your focus is really on this mission. And, and yeah. Mo any mo most people, if they can afford their, they're gonna, they're gonna do that anyhow. But Right. You guys are there to catch that. I, you know, I I love that be so in <laugh> particularly love that you are, let's say you're gonna go use one of the off the shelf, you know, the softwares that do that or send you in, into an office and you're using one of the agencies you might see in a Walmart or something like that across the board, that's usually gonna cost you a couple hundred bucks, man, right off the bat. Like a $500 credit, like game set match. And, and that's not, I mean, some of these things are customed to Arizona, but do all, do all states have, do most states have credits that that can be explored that way? Speaker 3 00:17:51 Tony? It's all over the map for states. Wow. And, and yes, you, you need to look at some, allow extra medical deductions as does Arizona. Um, but others have credits and you really just have to look at the specific state law. But, you know, you just queued me into something about using, you know, tax preparation programs. So, you know, in that scenario we're ta you're, we're talking well, and Dad, yeah. I've been using, you know, x X X program to prepare my tax returns. I mean, I I I can do that. Well, here's another thing Vida has to offer. We have a program called Facilitated Self assistance. We will give you a link to the professional software that we use, and we will also provide some kind of remote assistance if you need some help or questions about how to do that. And when I say it's free, Tony, we, you, you've seen some of these organizations come up before Congress because Yeah. They, they say it's free until Oh yeah. And you wanna file your state. Well, that's another $50. Oh, you got a small business that's another hundred dollars. Right? Right. This is free. Speaker 1 00:18:55 Well, and you are, what's key into this is, I mean, we, it it is truth and we talk all the time. Nothing is, nothing is free. You need to know where those things come from. This is, there's free to the consumer where they go to go, but you need to understand who gets paid, how that happens or where those things work. Vida is a not-for-profit organization. It is funded with donations. It is funded by other people who fuel the mission with their funds because helping this group of people is important to them. Correct, Speaker 3 00:19:23 Correct. Speaker 1 00:19:24 Yeah. And that is, so you can you, that that is the for, for be if, if you're a, a common list or one of our regular members and you're looking to dig through what that free is, that's what it is. It means, it, it really is. There's a lot of stuff that's free to your parents as they're making use of it, but they're losing something in the back end. Um, this is a place where you're not losing that. This is, this is taking care of that way. Speaker 3 00:19:45 Awesome. And Tony, for, for those skeptics, you know, and you're right, free is not free. And I, I must tell you that IRS in, in the current budget right now, I think that there is 40 million of grants going to IRS providers. So the taxpayers are helping pay for this free service as well Speaker 1 00:20:06 With Yeah. Fan. Fantastic. That's a great point to put out. And this is, look, this is why we, these are the things you wanna pay your taxes for. These are the things you like when your taxes coming down to help other people. What is interesting, and, and I guess we'll set aside the whole fact that it's about 77,000 pages of tax code <laugh> that we make, everybody have to work their way through. Kind is a little bit of mad. But I imagine someday we'll be able to position improve that <laugh>. Speaker 3 00:20:34 Well, and you know, Tony, you, you, you just kind of bring up a pretty good thing. It, I have found operating this program, I get the most interesting volunteers ever. And part of it is because that 77,000 page of IRS code, it's like a big puzzle. And we work as a group, you know, we figure out little ways of doing things accurately and correctly, and we're monitored by irs. They drop in occasionally to make sure we're doing things right, but they become puzzles of how you can figure out how to get the best advantage for that client. And these people, these volunteers that come to this program, they're just fascinating people. I gotta tell you, I can tell you, we, we don't have time to go into anecdotal stories, but I can tell you some great stories of these. Speaker 1 00:21:23 Well, I, and, and, and I can imagine, I mean, it's a group of people who are good to go with enjoying understanding the ins and outs of a 77,000 page document. <laugh>. That, that's a, that's a love, that is a passion. That is truth, truthfully, a mission of passion. So, well, I, okay, so I love that. Hey, talk, um, you by the way, actually, you're, you're kind of, you're given a talk on this. So we've kind of talked to caregivers. You're gonna be talking with a group of family members who are caregivers, um, at, at the, uh, at a self-care conference that's coming up here shortly. Is that right? Can you tell us about that event? Speaker 3 00:21:57 Yes, sir. It's, it's like April 5th, I think. And it's up at the Willow Conference Resort. And we're gonna be helping, you know, try to promote information about how, uh, you know, how self-care for caregivers, you know, and, and how, what are some of the tools and resources that you can use as a caregiver. And by the way, that just cued me of another thing, Tony, if you are a caregiver, you're helping mom or dad, they're living in your house and you're actually, you're caring for them and you provide more than 50% of the support of that house. And here's the other qualifying thing, is you have to help them with several activities of daily living. And for those of you who are caregivers, you'll know what that, but that can entitle you on your return for a $10,000 subtraction on the Arizona return. That can be worth up to 200, 250 bucks to you. Or even if you are helping provide pay, pay for the assistance in, in a a care facility, if you're providing more than, I forget the exact number, $800 or something a year, you can actually get an, an exemption, an additional $2,100 subtraction on your tax return as well. Speaker 1 00:23:14 Fantastic. Speaker 3 00:23:15 There's some more of those resources. Speaker 1 00:23:18 Well, and you know, that is a, and that is an evolving situation of tax code. And I, we get here in the United States, you know, at the high level to know the, the tax code is not only, is not only there for enforcement of people paying income taxes, but we actually, the reason it's so complicated, I've heard it described by lawmakers in interviews that we've done, is that it's also used in order to distribute, because that's, that, that's how our entitlement programs kind of distribute that way. And that that's one thing that made it so complicated and so difficult. Uh, Speaker 3 00:23:50 It's, it's one of the major things that makes it so complicated and difficult. Yeah. What I would teach this in the colleges, right? I I would say that that's, that's what, and, and you, you just reminded me of another big part of that code. It's called the earned Income tax credit. So we started off this broadcast talking about how some 30 40% of people, their sole source of income is social security. Well, along those, first of all, if that's your sole source of income, I mean, think about this for a second, that's averaging somewhere around 14, $1,500 a month. Right? Okay. What's the average rent in Phoenix? And I think if you go look that up, you'll find that doesn't even cover rent. Right? So a lot of these folks, they're having to go keep working or at least get a part-time job and get some income. Speaker 3 00:24:40 And once they start doing that, then they become entitled to an earned income tax credit, which is one of those programs that help distribute money to low income wor workers. Yeah. And it can be extremely valuable. I mean, probably not for your audience so much because they're either single or married, but it can be worth another 500 or a thousand dollars on your tax return. But if you've got a family, or maybe you've got some, some of your, your folks that are caring for grandkids in the home, if they've got dependents in the home, it can be as much as $6,000. Speaker 1 00:25:17 Wow. Wow. Yeah. So those are some great reasons, everyone, if, uh, if you're getting that objection against, uh, why you should or, or you shouldn't, or why they don't, why they don't complete a tax return, I think you've just, I mean, Jim, you just answered the mail and why you go, you at least need to go look at it with them. Um, so a family that wanted to make use of this vidas nationwide, right? We talked about that a little bit earlier. Uh, we, we got the website and we're gonna be able to throw that up, um, for, for people to be able to side, you'll, you'll be able to see that down below us here. Um, so Jim, when they go on there, they're looking for, I, I think what we've led through in working is a Vida for Arizona. Does each state have its own Vida, um, kind of an outlet, uh, or is there, is there a national, a national site or a national database for that? Speaker 3 00:26:06 There, there is. If you went up to irs.gov and you were to type in Vida, you would find that. And there's, there's a tool locator, but they administer this program through nonprofit organizations like Masters of Coin and Municipalities like City of Phoenix and City of Tempe. Uh, but they're basically through nonprofit organizations that they'll do that. And as, as you said, you're gonna throw up a site and it'll have a little map to where you can find a little site near to you. But there's also a few things, if I can kinda digress just a little bit, please. A few things you're gonna need to bring to those appointments. You're gonna, of course, you need your tax documents. You know, if you're getting Social security, that SSA 10 99, that social security statement, you need proof of your social security number. Now, if you get that social security statement, that would be proof. But other than that, if you're not getting Social Security, you gotta bring your social security card or any other government document that's not a w2, not a, uh, a 10 99 or something like that, a government document that has your Social Security number on it. Of course, you need all of your tax documents. It's always helpful to bring your last year's tax return. Speaker 1 00:27:19 Okay. Speaker 3 00:27:20 That helps us make sure that we didn't miss something or, you know, it helps us ask questions of you, but you'll bring those documents to the appointment. Usually when you make the appointment, they'll give you a little checklist of things to bring too. Speaker 1 00:27:33 Great. Great. You know, let's, um, as we kind of start thinking maybe any issues they have off of that, after this, uh, we're gonna take one last break here. Take a look at, uh, it it a platform that we offer out here at Parent projects to help families that are working through these types of situations. Look, if this becomes overwhelming for you, uh, and you, you've got a lot of stuff that's coming at you at once, you're trying to pick this up. You only have 40 minutes or so at day to really start figuring it out. This is probably a platform that's coming in. You're exactly who we thought of and trying to organize all this wonderful content and information we do on the show that we upcycle from around the internet and find to organize. So check us out with parent projects, and we'll be back right after this with Jim Simpson. Master the coin and Vida, Speaker 5 00:28:18 If you're caring for aging parents, you need parent projects connect. Here's why. First, you get access to a Verified Business network, so you're only working with the most trustworthy vendors who won't take advantage of your situation. Second parent projects guides you through modules and tasks on health, financial, real estate and medical decisions. So you're always prepared for what's next. Third, you can invite family members into your projects so your family is in the know and working together. Get started with a free 30-day trial [email protected]. Speaker 1 00:28:49 Hey, and welcome back. Uh, this month as we're talking through home is where the heart is. Uh, we are particularly focusing in, in this week one around the use of tax returns, which are upon all of us right now in April, uh, to get a good financial picture and understanding. It's one of those easy steps to start offering some value to your parents, uh, as you want to help them out. Uh, and at the same time, be able to, without pushing in too hard, get a full grasp on the situation and maybe be where everything's going. Jim Simpson joining us today with Masters of Coin, uh, and with Vita Tax Assistance, who, um, is, is just, I mean, Jim, I've got, you've been breaking down a list of everything to overcome. Any reason why you wouldn't look in and make a phone call of, uh, of, of, of doing a tax return? Speaker 1 00:29:39 Even if mom and dad think, I don't qualify, I don't make enough money because I'm only doing social security. Uh, you have just, I, we've got, uh, tax breaks for the care, even tax breaks for the care breaker, uh, caretakers that is exemptions, uh, that can sit out there, that people can grab, not just for them, but also if you're also a caregiver, if you're participating with helping your, your, um, your family maybe in paying for their housing and the senior housing, you've got, uh, low, you've got, um, income credits that happen. You've, my, all of that aside, understanding identity theft, using it as a touchpoint and a whole side to, to check in on what the government's interaction is with you so that they know you're, you're the right person to be communicating with. And you don't just kind of leave that profile open for someone else to slide in there and start taking all of these tax credits into a different direction. You've, you've laid out quite a wealth of information, man. Speaker 3 00:30:38 Thank you. And if I might, could I close with one more caveat and one more warning, because as you just mentioned, we're two weeks away from the end of the filing season, and a lot of people will understand, okay, well I got a refund coming, I don't have to file right away. And, and that's true. I mentioned that property tax credit, that Arizona Property tax credit, and it's also a renter's credit. And, and if that queued you to think, oh, I better look into that big warning right here, file an extension. You cannot claim that re refi, you cannot claim that credit on a late filed return. The extension is easy. Arizona will accept the federal extension. It's a form 48 68, you can download it. It's a, you know, five little things you gotta fill out, mail it in, or we'll help you, you know, if you'd like, um, but extend the return. Speaker 1 00:31:35 So that actually fantastic advice. Maybe you're just hearing this and you recognize you're not gonna get up to see mom and dad for maybe three weeks or so before you're gonna make your trip back to Kansas, North Dakota, South Dakota, Florida, wherever that might be. Uh, filing that extension up off the top. Any any challenges or difficulties of that hardship that might provide, uh, provide your family member or helping 'em with that? Speaker 3 00:32:01 No, because, you know, basically you need to know the name, social Security number. You're supposed to estimate any taxes you would have to do, but I think for most of our, you, you, you know the audience here, that's gonna be zero. Right? Right. You know, and even if you miss it, it's no big deal. The thing is that you mail it in postmarket, the, the filing deadline this year is April 18th, not the 15th, but make sure it's postmarked and sent in. The state accepts that federal, uh, um, extension, so you don't need to worry about anything else. And that would preserve you the opportunity to be able to get that Arizona property tax credit. Speaker 1 00:32:39 That's great. And we will just give the audience to throw it out for time sake. This is 2023 that we're talking about for these particular dates. Make sure that you check on the IRS website, uh, and, and your local state websites for economic, uh, the, for your local state IRS divisions as to as to what your, what it's going to be from year after year, but not always the same day in taxes. Taxes are always filed the same day. So that's an important thing to know. Uh, boy, Jim, a ton to consider up here. Um, you know, tell us where, where Masters of Coin in your organization now, where, uh, where can we find you guys? Speaker 3 00:33:13 Well, the, the easiest way is go to masters of coin.org and especially if you wanted to make an appointment, one of our sites, right there is a QR code or a tool that you can use to make an appointment. We also accept walk-ins at, at some of our sites, like at Scottsdale Community College, we'll accept walk-ins on a space available basis. But all of the, the maps of all of our sites are right there. As I said, we have five sites along the Scottsdale corridor that go all the way from North. We have a site up in Cave Creek all the way down to South Scottsdale, Vista del Camino Community Center. We have a site there. Um, so you can find out all the information. There's also a phone number. If you're not really good with the web of make an appointments and things like that, you can call a phone number and one of our volunteers will schedule an appointment for you. Speaker 1 00:34:02 Brilliant. Really, really appreciate that. Um, hey, you know, Jim, again, we taking the time out to break these things down for us. Taxes, uh, they just are not fun. <laugh> and, and finding somebody who's got a passion, who gets it, wants it, is capable of, it is really a value to us. And we just really sincerely appreciate you taking time to share your time, talents, and treasures with us and our Speaker 3 00:34:27 Audience. I'm happy to do it, Tony. Thanks for having me. Speaker 1 00:34:30 Thank you. Okay, Speaker 6 00:34:36 Well, that's it, foot Team this week. And thanks for joining us. If you've enjoyed the content, remember to subscribe and to share this episode on the app that you're using right now. Your reviews and your comments, they really help us expand our reach as well as our perspective. So if you have time, also drop us a note. Let us know how we're doing for tips and tools to clarify your parent project, simplify communication with your stakeholders, and verify the professionals that you choose. You can find us on YouTube, follow us on Instagram and Facebook. Thanks again for trusting us. Until our next episode, behold and be held. Speaker 2 00:35:08 Thank you for listening to this Parent Projects podcast production. To access our show notes, resources, or forums, join us on your favorite social media platform or go to parent projects.com. This show is for entertainment purposes only. Before making any decisions, consult a professional. This show is copyrighted by Family Media and Technology Group, incorporated and parent projects l l c. Written permissions must be granted before syndication or rebroadcast.

Other Episodes