Whether you are filing your taxes for the first time or have been doing so for years, it’s easy to feel overwhelmed. There are so many forms, so many numbers, and so many possible mistakes. Here are the pertinent details about a “second look” tax review.
What Is A ‘Second Look’ Tax Return Review?
A second look tax review indicates that a tax expert will examine your return after you’ve completed it. This is an excellent option if you want more assurance that your tax return is accurate and complete. When you use Lucia & Co. CPAs, they will check for math errors, wrong digits in numbers, logic, and missing information before submitting it to the IRS. In addition, they ensure all deductions are legitimate, and that there are no mistakes regarding credits or payments owed.
Agreements for a “Second Look” assessment of tax returns differ per business. Some provide a question-and-answer feature for tax issues. At the same time, others have the tax expert analyze the return with no input from the taxpayer.
What Are the Most Frequent Tax Mistakes Caught During a Tax Review?
When you’re preparing your taxes, it’s easy to make mistakes. You might not know all of the rules, or you might accidentally enter a number wrongly. The IRS has published a list of the most common errors made by taxpayers each year, and it’s worth taking a look to avoid them. They include:
Premature Filing
Taxpayers need to file their returns on time, but they shouldn’t rush and file too early. People who rush to submit their taxes before they have all the necessary tax reporting paperwork run the risk of filing incorrect information, thus leading to a delay in processing.
Incomplete or Incorrect Social Security Numbers (SSN)
The format of a Social Security number on a tax return must match that of the corresponding card.
Misspelled Names
The name on an individual’s tax return should match the name on their Social Security card.
Inaccurate Information
It is crucial to record your income accurately, including your salary, dividends, bank interest, and everything else included on your tax return. Although using tax preparation software might reduce the likelihood of mathematical mistakes, it is still crucial for taxpayers to get a tax preparer in San Bernardino to double-check their returns.
Incorrect Filing Status
Incorrect filing status is one of the most common tax mistakes. It’s also one of the easiest to correct, but it can cost you a lot of money if you don’t take steps to fix it. The IRS has three different filing statuses: single, married filing jointly, and married filing separately. If you choose the wrong one, it could mean that you pay more in taxes than you should or don’t get all the deductions you can claim. Sooner or later, this might cause a lot of financial troubles.
Math Errors
Math errors are the most common type of tax mistake. These calculations can be as basic as adding and subtracting or as intricate as calculating interest. This may lead to overpaying or underpaying your taxes.
Calculating Allowances and Reductions
Another common tax mistake is when people don’t calculate their allowances and reductions. When you fill out your tax return, you have to know how much you can deduct from your income. If you get these deductions wrong, you might not get all the benefits of your claim. This is why it is recommended to carefully check your numbers with a professional tax preparer in San Bernardino.
Wrong Bank Account Numbers
The taxpayer must be careful to provide the proper routing and account information on their tax return.
Unsigned Documents
A tax return that hasn’t been signed is invalid. However, military personnel and others with proper powers of attorney may be exempt from this rule. Filing tax returns online and having them digitally signed before being transmitted to the IRS is the best way to avoid making this mistake.
Second Look Tax Review Bottom Line
Like most people, you probably want to get done with your taxes quickly and efficiently, so you can return to enjoying the rest of your life without worrying about money. But that doesn’t mean you should skip over any chance for a second look tax review. Invest in a top-notch tax professional service from Lucia & Co. CPAs. If you have any questions or want to schedule an appointment regarding your tax-paying procedure, please get in touch with Lucia & Co. CPAs immediately.
