After tax season, many people find themselves asking, “Did I get the maximum refund I’m entitled to?” This is a valid concern. Tax laws are complex and ever-changing, and even small oversights can result in missing out on significant savings. That’s where a second look tax review from Lucia & Co. CPAs Inc. comes in handy.
Let’s look into how a second look tax review works, what may be missing from your tax returns, and how you can maximize your refund.
What Is a Second Look Tax Review?
A second look tax review is a comprehensive evaluation of your previous tax returns, allowing us to identify missed opportunities for credits and deductions. This review can be conducted on your tax returns from the last three years.
Many taxpayers prepare their taxes on their own or with the help of someone not fully versed in the nuances of tax laws. This is where mistakes often happen. A second look tax review can uncover money that you may be entitled to but didn’t claim the first time around.
Why You Need a Second Look Tax Review
Tax laws are continuously evolving, and many taxpayers may not be aware of all the credits and deductions they can claim.
By opting for a second look tax review, you open the door to potentially substantial refunds. The money you receive can be put toward paying off bills, building savings, or treating yourself to something special.
Our goal at Lucia & Co. CPAs Inc. is to ensure that you receive every dollar you’ve earned throughout the year.
How Does a Second Look Tax Review Work?
Free Consultation
The first step in the second look tax review process is to schedule a free consultation at our office. During this meeting, one of our professionals will discuss your tax situation in detail.
Make sure to bring in your tax returns from the last three years, whether you filed them online or with someone else.
Detailed Evaluation
Once we have your documents, we will meticulously analyze your tax returns. Our experts will look for any deductions and credits you may have missed.
Application of Credits and Deductions
For each tax year, we will identify and apply any missed credits and deductions. If we find opportunities for savings, we can refile your returns immediately. This means you could receive your refund sooner rather than later.
What May Be Missing from Your Tax Returns?
Taxpayers often overlook several key credits and deductions. Let’s explore some of the most commonly missed items:
Missing Education Credits
If you are a student or the parent of a student, you could be eligible for the American Opportunity Credit (AOC). This credit can provide a significant tax refund, up to $2,500 for those paying tuition.
Errors are common for those who prepare their taxes without professional assistance. Our team can help you determine if you qualify for the AOC and ensure that you claim the full amount.
Overlooked Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is another refundable credit that many taxpayers either overlook or do not know how to claim effectively. In 2016, the maximum EITC refund was $6,269.
Qualifying for this credit depends on several factors, including income, marital status, and the number of children you have. During your second look tax review, we will carefully assess your qualifications for the EITC to maximize your refund.
Filing Status
Changes in your marital status can also impact your tax refund. If you’ve recently married, divorced, or experienced other changes in your filing status, it’s essential to ensure that you recorded it correctly.
Incorrect filing can lead to missed refunds. Our professionals will guide you through the correct filing process to ensure that you receive the maximum benefit.
Common Mistakes That Lead to Missed Refunds
When taxpayers prepare their returns, they often make several common mistakes that can lead to missed refunds. Here are some typical errors to avoid:
Ignoring Available Deductions
Many taxpayers do not take full advantage of available deductions, such as those for medical expenses, charitable donations, or state taxes. These deductions can significantly reduce your taxable income, potentially increasing your refund.
Failing to Report All Income
It’s essential to report all sources of income accurately. Failing to do so can lead to penalties or missed credits. Our team at Lucia & Co. CPAs Inc. will help ensure that your income is reported accurately.
Not Keeping Up with Tax Law Changes
Tax laws change frequently, and many taxpayers do not stay updated. This can result in missed opportunities for deductions and credits. A second look tax review allows us to ensure you’re taking full advantage of the current tax code.
The Importance of Tax Planning
Prevent Future Issues
One of the best ways to avoid needing a second look tax review in the future is to engage in proactive tax planning. By working with a tax professional throughout the year, you can ensure that you’re taking advantage of all available deductions and credits from the start.
Stay Updated
Tax planning involves staying informed about changes in tax laws and how they may affect your financial situation. At Lucia & Co. CPAs Inc., we offer comprehensive tax planning services to keep you informed and prepared.
How to Get Started with a Second Look Tax Review
Getting started is simple! Follow these steps to initiate your second look tax review with Lucia & Co. CPAs Inc.:
- Schedule a Free Consultation: Call our office or visit our website to book your free consultation.
- Gather Your Tax Returns: Bring your tax returns from the past three years, whether you filed them yourself or with someone else.
- Meet with Our Professionals: During your consultation, our team will discuss your situation, review your tax returns, and identify missed opportunities for refunds.
- Receive Your Refund: If we find any credits or deductions you missed, we can help you refile your returns and get your money back as quickly as possible.
Maximize Your Refund With Lucia & Co. CPAs Inc.!
If you’re asking yourself, “Did I get the maximum refund I’m entitled to?” a second look tax review from Lucia & Co. CPAs Inc. could provide the answer. Our experienced professionals are dedicated to ensuring that you receive every dollar you deserve.
Don’t leave money on the table—take control of your finances and ensure that you maximize your tax refund today. Contact us to schedule your free consultation, and let’s work together to uncover the savings you might have missed!
We’re not your ordinary bean counters!
