Is There Hidden Treasure In Your Tax Returns?

REVIEW YOUR TAX RETURNS – YOU COULD HAVE THE IRS SEND YOU A CHECK WITHIN 90 DAYS!

If you have overpaid your taxes, your tax return can be corrected and the IRS will mail you a refund in approximately three months. 

You may do this if it is not more than three years from the original filing date of the return for the IRS.

This allows the claim or if you still owe money on that years return.

It is also the ideal opportunity to correct any additional errors that you find before the IRS does. Making any corrections now will save you additional penalties and interest. 

It could be the perfect time to review your last three years’ tax returns to see if you may have left money on the table.

THESE ARE SOME OF THE THINGS YOU SHOULD CHECK:

• DEPENDENTS – Check the dependents listed on your return and make sure everyone that is your dependent is listed. Sounds elementary but so many times there are omissions that are never discovered.
• REAL ESTATE AND MORTGAGE INTEREST – These items are another area frequently overlooked.
• CONTRIBUTIONS – Make sure all donations that you made are posted on Schedule A.
• DID YOU HAVE A BUSINESS? – Many people who worked business and only made a few hundred dollars decide not to report this income for various reasons. It is fraudulent not to report income. However, if you worked business with profit intent, there are many deductions to which you are legally entitled.
• SPARSE DEDUCTIONS – Look at the empty spaces on your tax return. Reflect upon your life and review your records to decide if there are areas that you had expenses but did not deduct.
• MILEAGE – Mileage is frequently an area that is not properly calculated and you could very well find you are cheating yourself!