There are countless options available to you when filing a tax return. You can work with a professional CPA, bring it to a tax preparer at a larger company, or even file it yourself through a number of self-filing programs. However, if you’ve been filing using one of these latter options, you might want to consider having your 2018 tax return reviewed by a CPA. Why? Here are just 5 reasons to consider stopping by our offices for a tax return review in Provo.
Get Every Deduction and Credit
It really goes without saying, but tax law is complicated. There are hundreds upon hundreds of tax deductions and credits available, and each one has a very specific set of qualifications that you must meet to receive it. So, naturally, it’s easy to miss some that you might have qualified to receive.
A CPA has more in-depth training, diverse experience, and tax law education than any other type of preparer. So, having one of our CPAs review your return will ensure that you’ve received all of the deductions and credits you qualified for. If we find something that was missed, we can amend your return so that you get an additional refund from the IRS.
Catch Errors Early On
Of course, there are times that what was missed on a previously filed return will result in you owing more to the IRS. While this isn’t necessarily news that you want to receive after your return is reviewed, it is still better to have these errors caught early on, as opposed to waiting until the IRS catches it themselves.
Our CPAs can quickly amend your return and help you submit an additional payment (or help you get set up on an IRS payment plan, if necessary). Doing so helps you to avoid additional fees and penalties that may be added to your tax bill, should you wait for the IRS to catch the errors for you.
Get Audit Representation
Individuals are generally selected for an audit when their return sets off “red flags” in the IRS’s automated tax filing system. These red flags might include things like reporting more deductions than income, or an unusually high number of deductions. If a CPA reviews your return, he or she may be able to tell you if you have any of those “red flags” on your current return, so you know your risk of being audited.
And, by working with a CPA to review and amend your return, you’ll have audit representation if you are selected for an IRS audit. When this happens, our CPAs can help guide you through the audit process to make it smoother and easier for you. If you don’t work with a CPA, you may be left handling the audit yourself; even if you worked with a different type of tax preparer, they are likely not able to offer you the audit representation that a CPA can provide.
Understand Your Tax Situation
You don’t have to have comprehensive tax law knowledge to understand your own taxes; you simply need to have an understanding of your own tax situation. Of course, this can be difficult knowledge to gain if you don’t have an expert helping you, and many taxpayers wind up just making their best guesses when they file every year.
Having a CPA review your last tax return is like sitting down with your professor to go over your last exam. He or she can point out where you made mistakes, and provide some insight into the corrections being made. This helps you to learn a little more about your individual tax situation so that, if you choose to self-file again in the future, you’ll be better prepared for it.
Review Multiple Returns
Your 2018 tax return isn’t the only one that you can currently review and amend. In fact, you can typically amend tax returns for the past three tax years. (This is based on your filing dates, so give us a call for more specifics about which returns you can currently amend.) So, if you filed with anyone other than a CPA for any of the last three tax years, you can bring all of those returns to us for a review. That way, we can help to ensure everything was reported correctly on those tax years, and you received all of your qualifying credits and deductions.
Our CPAs offer a level of expertise and education that other tax preparers simply can’t provide, and that can’t be matched by an automated, DIY tax software. Having a knowledgeable and experienced CPA review your 2018 tax return is the best way to ensure that past returns were filed correctly, that you have professional help in the event of an audit, and that you have essential knowledge regarding your own tax situation. If you’d like to have your tax returns looked at by a CPA, stop by our accounting offices and schedule a tax return review in Provo today.