Frequently Asked Questions

New Tax Law Changes

posted Dec 29, 2017, 9:55 AM by Carolyn Savage   [ updated Nov 27, 2018, 12:09 PM ]

Click Here to see the new tax law changes going into effect in 2018 (filing in 2019).

Calculate Your Tax Bracket ...

posted Dec 1, 2012, 4:21 PM by Carolyn Savage   [ updated Dec 21, 2015, 9:35 PM ]

Clients often ask me what tax bracket they are in.   Here is a handy calculator which will assist you in determining your potential tax bracket.  Please remember that your tax bracket is the rate you pay on the last dollar you earn...not on your entire income.   Click here to try it out!

Why don't you offer rapid refunds like a lot of other tax services?

posted Sep 3, 2012, 4:25 PM by Carolyn Savage   [ updated Dec 21, 2015, 9:36 PM ]

It goes against my basic instinct in that my role is to help you to "save money"... not exploit your refund! Most "big-name" commercial tax preparers love to sell you these high-interest, short-term loans. They are actually "loaning" you your own hard-earned money, at a ridiculous rate from around 40% to 700% APR! My advice is to file your taxes early if you expect to receive a sizable refund and then wait for your refund check to be mailed to you or direct deposited. Electronic Filing will reduce your waiting period --as little as 10-14 days with Direct Deposit versus up to 10-12 weeks for manual filing depending upon tax return volumes being processed by the IRS.  A lot of innocent taxpayers in Memphis and elsewhere have been burned dealing with some "rapid refund tax businesses" ... be careful who you decide to do business with as the IRS is going to hold the taxpayer (not the tax preparation agency) accountable for any errors or money owed.  

Where is my refund?

posted Sep 3, 2012, 4:17 PM by Carolyn Savage   [ updated Dec 21, 2015, 9:36 PM ]

Memphis Tax Lady offers you direct deposit refunds from the IRS usually within 10 business days.  These funds are directly deposited into your banking account.  If you elect to mail your return, expect to wait up to 2-6 weeks. If you are near the April 15th deadline, you may encounter an even longer waiting period.
For the status of your refund, go to and click on "Where’s My Refund? or call the Refund Hotline at (800) 829–1954. The IRS recommends that you wait to check on the status of your refund at least 7 days after you e-file. If you file a paper return, they suggest a 4 to 6 weeks waiting period for processing before checking on the status. 
Note: According to the IRS, refunds are sent out weekly on Fridays... if you check the status of your refund and are not given the date it will be issued, it is suggested that you wait until the following week before checking back.

What if I miss the deadline and need to file an extension?

posted Sep 3, 2012, 4:12 PM by Carolyn Savage   [ updated Dec 21, 2015, 9:37 PM ]

It is perfectly acceptable to file an extension with the IRS... there is no reason not to if you find it necessary to do so. However, you MUST pay your estimated tax due PRIOR to the regular tax deadline in order to AVOID any late penalties and interest. If you cannot pay the full amount you owe, pay as much as you possibly can with the extension form. If you own a business, sometimes filing an extension can be to your advantage if it allows you more time to search your records for additional deductions; however, you still need to pay as much as you can with the extension.
The extension deadline is October 15 (unless it falls on a weekend).

How long does it take for my taxes to be prepared?

posted Sep 3, 2012, 4:09 PM by Carolyn Savage   [ updated Dec 21, 2015, 9:37 PM ]

Normal preparation time will be 24 to 72 hours for basic individual returns after our initial meeting, assuming MTL has complete information. More complex individual returns and business returns may require more time. As the tax deadline approaches, the turnaround time may lengthen due to current backlog.

Why Use Memphis Tax Lady?

posted Sep 3, 2012, 4:07 PM by Carolyn Savage   [ updated Dec 21, 2015, 9:38 PM ]

I invite you to visit my competitor’s web sites... most are large corporations, usually staffed with part-time personnel, who will never be around long enough to establish an on-going business relationship of confidence and trust with you. Ask them what their fees will be upfront, and see if you get a direct, precise quotation or not.  
If you are the type of person who shops for the best value and likes to have a doctor, lawyer, hairdresser, etc. that you know and trust then you will like my kind of service. I am a personable, down-to-earth type of individual who truly enjoys finding ways to help save you money on your taxes. I will not only prepare your current return but, when applicable, will offer you advice on what you should do in the future to improve your tax situation.
I have developed this personal business model as a way to streamline tax preparation and to reduce cost. I don’t have the overhead of a strip shopping center storefront office that is only seasonal and you don’t have to come to my office and waste your time waiting on me to serve you. You simply call or email me. I will meet you at a mutually convenient place at whatever time is best for you-including nights or weekends. I will confirm your fee so you know UP FRONT what your cost will be. I will prepare your tax return and upon your review will electronically file or you can mail it; payment by cash or check will be expected at that time.

Why Use a Tax Service?

posted Sep 3, 2012, 4:04 PM by Carolyn Savage   [ updated Dec 21, 2015, 9:39 PM ]

Professional tax preparation helps a client get all of the tax deductions he/she can legally deduct. With the tax laws changing constantly, this is important in not only maximizing deductions, but minimizing chances of taking deductions that are no longer allowed by the IRS. Tax preparers are more familiar with the latest tax guidelines and rulings, plus they have the experience in doing many more tax forms for clients with similar tax situations.
Many people who choose to do their own taxes make mathematical errors that can cause problems with their refund, delay their refund, or cause them to possibly overpay their taxes. According to the IRS, most tax return mistakes are the result of MATH errors.
In the event that you get audited, a person who had filled out their own return will most likely have to hire a tax professional or CPA to "reconstruct" their return and also go with them to the audit... this expense will most surely cost a lot more than if the tax professional had prepared the original return in the first place! If my Memphis area clients are audited, I go with them free of charge.
Peace of mind is another reason why more people are choosing to let a tax professional prepare their return. A once-a-year specialty service like tax preparation that requires a certain knowledge and discipline can best be performed by a person who is skilled and experienced in that line of work.
Also, you have the benefit of a 3rd party who can provide some advice, guidance or suggestions (when applicable) as to how you might minimize your tax liability in the future (not offered by all Tax Services).

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