Sixty percent of American taxpayers rely on tax preparers to arrange their taxes and find every single tax credit and deduction allowed. Many other taxpayers prepare their taxes on their own but unfortunately, many of them tend to make serious mistakes on their own returns.
Cohesive Tax will offer you a free second look report on taxpayers previously filed returns. This program helps taxpayers ensure the accuracy of their 2007-2010 returns that were not prepared by Cohesive Tax.
It is extremely common that taxpayers overlooked several valuable credits and deductions when completing their taxes. After having a Cohesive Tax second look, tax specialists have been able to find more money available to citizens, enabling them to amend their returns and get more money back. In some cases, this particular amount added up to thousands of dollars.
Many similar tales have become a large part of the company’s new, profitable, and client acquisition marketing campaign. A number of people were found with major errors on their own returns, some of which overlooked credits and reductions.
Some of the often missed credits and deductions include:
* Earned Income Tax Credit– Missed by about 20 percent of those that are eligible, this specific credit can mean an additional $5,666 repayment for lower-income taxpayers.
* Making Pay Spend Credit – Up to $800 pertaining to married filing jointly as well as $400 for individual filers is available for 2010 tax returns
* American Opportunity Credit- This $2,500 credit can be acquired to cover each eligible student’s first four years of school, potentially equaling $10,000 credit over 4 years
* Energy efficient upgrades- The actual 2009-10 maximum tax credit of $1500 is available on home improvements such as outdoor windows, exterior doors, as well as efficient heaters, central air-conditioners, and many other items.
In these tough financial times no one can afford to leave funds on the kitchen table. Taxpayers many times overlook credits and deductions to which they may be entitled and are missing out on hundreds or thousands of dollars. They should trust their particular tax preparers along with do-it-yourself software packages to be accurate for them so they can obtain these credits and deductions.
According to experts in Cohesive Tax, a country wide survey revealed 62 percent of taxpayers didn’t know they can file an amended form claiming overlooked credits as well as deductions. Typically, taxpayers can easily amend their return to claim reimbursement up to 36 months after the return due date.
If you have any questions or concerns regarding tax preparation, please take advantage of a professional tax preparer. We can help you with several tax planning strategies and determine which is best for you, so contact us now and let us help you get your tax estimate set up for the future. Visit our website to get in touch with a professional tax review site and sign up for a free tax review and second look.