Should you get a second opinion on your taxes?
Whether you’ve hired someone to do your taxes or you did your taxes yourself, you may want to consider getting a second opinion. Why? Because making a mistake on your tax return can be costly. Getting a second opinion is a good option for catching any costly errors before you file your taxes.
Here are a few reasons to get a tax return review or second opinion. Tax laws are always changing and are easy to miss or perhaps your salary increased during the year. A second look before you file can also ensure that you have claimed all the deductions and credits allowed.
Having another “set of eyes” reviewing your return may result in an increase in your tax refund or a decrease in how much you owe the IRS.
Just because there is a mistake on your tax return does not mean that you have committed tax fraud. However, tax filing errors can result in costly penalties if you owed more to the IRS than you claimed on your return.
Some of the more common mistakes found on reviews of tax returns include:
- Incorrect filing status
- Unclaimed tax credits
- Missed tax deductions
- Forgetting carryforwards
Any one of these mistakes could end up costing you thousands of dollars when it comes to a refund or the actual amount you owe to the IRS.
Double check it
Getting a second opinion on taxes not only saves you from possible costly penalties and fees to the IRS, but may also help you take advantage of tax saving deductions and other benefits.
And, in most cases, errors found during a review can be corrected by filing an amended return. You can file an amended return to change your filing status, update your income, or to add deductions or credits. Filing your amended return needs to be done within 3 years of the date that your original return was filed.
At GYL CPAs and Advisors, tax accountants for individuals, our experienced professionals provide accurate, accountable and proactive tax planning and preparation for our clients.
In addition, we are available to review your taxes and assist you in fixing any errors that we find as well as providing you with guidance on how to proceed with the IRS if you own money.