ED Magedson – Founder
The Tax Club350 Fifth Ave, Ste #6015 New York, New York United States of America
The Tax Club Tax Club ripoff, dishonest, improper tax advice, keeps adding charges. New York New York
I would like to join forces in a Class Action Law Suite against The Tax Club.
I believe they are dishonest, sell services that are not needed, and give improper and illegal tax advice.
My involvement with The Tax Club began at the end of 2006 when I began real estate investing to earn extra income. This is a home business in addition to a regular full-time job.
They told me they would help me set up my company, prepare my personal and business tax returns, provide tax planning assistance, and answer questions throughout the year. The cost was supposedly $2018. There is no end to their fees.
I was contacted by another company that prepared the forms and did the submission for the corporation and they wanted another $1,295.
I had already spent a lot of money before I had established a company, and The Tax Club representative told me that I could not deduct any of those expenses unless I set up an S-Corp.
Although I live in California, they told me it was more advantageous to set up the corporation in Nevada. He also told me that I would not have to pay California Franchise taxes. Wrong.
I was told by a California tax expert that if I do any business in California, I will have to pay taxes to both California and Nevada. What kind of a tax savings is this?
Daniel from the Tax Club recently told me to gather all of my expenses for 2006 (Jan-Dec) because they were going to deduct them, or a portion thereof, as a partnership.
Wait a minute! If I can deduct prior expenses under a partnership, then why did I need to set up a corporation?
The Tax Club called me yet again and informed me that I had to track all of my time and pay myself to conform to IRS regulations. They wanted $2,400 / year for this service. Their rate to prepare payroll and payroll taxes for 1 individual is outrageous. I said no.
And just when you think they are through taking your money, you find another charge of $37.50 on your credit card. Enough is enough. I want a refund for illegal and unnecessary advice that has cost me $3,600.50.
Barbara Bakersfield, California
This report was posted on Ripoff Report on 02/10/2007 03:49 PM and is a permanent record located here: http://www.ripoffreport.com/r/The-Tax-Club/New-York-New-York-10118/The-Tax-Club-Tax-Club-ripoff-dishonest-improper-tax-advice-keeps-adding-charges-New-Yo-235463. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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