Marcia Campbell is an accomplished Certified Public Accountant and financial advisor specializing in senior financial care, court accountings, private fiduciary services, and tax services. Campbell’s thought leadership in the field is often published in the Press Enterprise, a paid local newspaper that reaches people in Southern California. Recently, she was interviewed on KNX 1070 News Radio – Southern California’s only 24-hour news & traffic station.
Background on the Radio Interview with KNX 1070
KNX 1070 hosts Mike Simpson and Charles Feldman interviewed Marcia Campbell on April 15th. The interview was intended to give their listeners some insight into why people file their taxes at the last moment. Since everyone was scrambling to get their taxes filed before the April 15th deadline, this was a great time to get some expert advice from Campbell.
Listen to the full interview in the audio clip below:
Highlights from the Interview
Why Does Someone Wait to File Their Tax Return?
Campbell explained that there are “a number of reasons” someone waits to file. “There is a new tax law, which is very confusing, nobody likes to pay taxes so people have a tendency of really procrastinating because they are doing something they really don’t want to do.” She said there are also people who are waiting for their last-minute K-1s from partnerships or corporations. Since they need those to file their taxes, they end up getting stuck doing their taxes at the last minute.
What are the Rules When You File for a Tax Extension?
If a person is running down the clock, they can file for an extension. Campbell explained that while this does give a person six more months to prepare their taxes, the taxes owed are still due on April 15th.
Why Are Refunds Much Lower Than Previous Years?
Campbell reminded listeners that “The IRS changed the withholding tables so employers are taking out less, in anticipation that taxpayers are paying less, which basically means that the refunds are reduced.” Another change in the tax law caused many people to have higher than average property taxes or state taxes, and receive significantly smaller refunds than previous years or caused large amounts of tax owed.
What Changes Can People Make to Be Better Off in 2020?
Campbell recommended that listeners start tax planning as soon as possible. Depending on the income bracket, it may be worth sitting down with a professional in the next few weeks to take a look at what is happening and how it will affect you next year. For example, if your contributions are now only going to offer a $12,000 standard deduction, you should look at other ways to allocate your funds.
Quick Tax Tips From Campbell
Campbell interviewed another time to give listeners some additional tips regarding scammers. During tax season, these scammers are actively trying to beat you to file your return. They will do all sorts of crazy things to convince you they are from the IRS and are here to help. They hide behind a trustworthy organization name like Tax Payer Advocate Service, and prey on the most vulnerable people in our society; senior citizens and the elderly.
Tune in to these two short segments on KNX 1070 radio to find out how you can protect yourself from these scams.
Work With Marcia Campbell
If you are interested in interviewing Marcia Campbell, or would like to work with her firm, Marcia Campbell CPA, please contact her by filling out a form.