Year end tax planning strategies

Benefits of Having Your Tax Return Reviewed by our certified Enrolled Agents

Benefits of Having Your Tax Return Reviewed by our certified Enrolled Agents
Benefits of having your tax return reviewed by our certified enrolled agents
Your return has likely been filed for a couple of months now, and you haven’t seen any reason to give it a second thought.
But a second look at a previously filed tax return can actually offer you many benefits that you might not know about. Here are just a few reasons that you should consider having your tax return reviewed by one of our experienced IRS Certified Lakeline Tax enrolled agents.
Enrolled Agents are federally-licensed tax practitioners who specialize in tax preparation and have unlimited rights to represent taxpayers before the Internal Revenue Service. If you get a letter from the IRS, or worse, are audited or are the target of a collection action, your EA can speak directly to the IRS on your behalf.

Ensure You Got Every Deduction and Credit

There are countless different kinds of tax deductions and tax credits available, and each of them requires a very certain set of qualifications for you to receive them. Unfortunately, many tax payers aren’t even aware when they qualify for a certain tax credit or deduction, and they end up paying far more in taxes than they need to.

Some of the tax strategies to maximize your tax refund are :

— Make sure dependents children, friends or relatives you’re supporting are claimed properly.

— Make sure the standard deductions are itemized properly

— Make sure charitable contributions, are deducted properly

— Check and claim the recovery rebate if there are any missed stimulus payment

— Check contribution to your retirement or other qualified plans

— Make sure if there are any lesser-known credits that could apply to you

Having a professional Enrolled Agent look over your return ensures you received every credit and deduction you qualified for. If the Lakeline Tax enrolled agent finds something you or your other tax preparer missed, you can file an amendment, and get a refund from the IRS for the difference in your taxes.

Correct Any Errors

Of course, a tax return review doesn’t always result in more money in your pocket. Sometimes, your Lakeline Tax enrolled agent may notice something that was reported incorrectly. When you file an amendment to correct such an error, you may find yourself paying a little bit more in taxes for that return. However, you are ensuring that your reported income and expenses are filed accurately, so that you can avoid any potential audits, fees, and penalties.

If the IRS is the one to discover incorrect numbers on your return, you’ll be faced with a much more difficult situation than you would by catching the error yourself.

Know More for Next Year

Missed deductions and incorrectly reported numbers are often the result of a simple lack of knowledge on the part of the taxpayer. Getting your last return reviewed by a Lakeline Tax enrolled agent is kind of like having your professor go over your last exam with you. You’ll learn where you made mistakes and what you missed, so that you’re better prepared the next time around.

Then, if you choose to file your return yourself next year, you’ll have more knowledge and will be less likely to make the same kinds of mistakes you did on the last return.

Get Audit Representation

One benefit of working with a Lakeline Tax enrolled agent is that they can represent you if you end up being selected for an IRS audit. So, even if you didn’t use a Lakeline Tax enrolled agent when you filed initially, if you have a Lakeline Tax enrolled agent review and amend your return, you’ll now be eligible to have them working alongside you if you end up being audited in the future. Of course, that audit is going to be much less likely after having a Lakeline Tax enrolled agent review and correct your self-filed return; however, it’s a little extra peace of mind that is great to have.

Review Multiple Returns

Did you know that you can actually amend tax returns for the last several years? That means that you can have a professional review and correct multiple tax returns for you at once, which can offer you all of the above-mentioned benefits for several years’ worth of tax filings. So, if you’ve been filing your own returns for several years, it may be worth having one of our Lakeline Tax enrolled agents review the last few returns you filed, so that you can ensure you were getting every possible deduction and correctly reporting all income, assets, and expenses on those old returns. You may be surprised by just how much we can find.

Professional Experience and Knowledge

If you had your last return (or last few returns) filed by a tax preparer, and not a certified Enrolled Agent, you may wonder if it’s worth having your return reviewed. The answer is yes. Many tax preparers go through a relatively short and simple tax preparation class before beginning to file returns. This simply doesn’t equate to the education, knowledge, and experience that a Lakeline Tax enrolled agent has. And, a tax preparer can’t represent you in the case of an audit.

Enrolled Agents typically have extensive knowledge about tax codes, which allow them to help you lower your taxes. Generally,  enrolled agents works for you year-round, as opposed to a tax preparer, whose job is seasonal.

Understanding Tax Return Preparer Credentials and Qualifications can help you learn more about the different types of tax professionals.

Contact us today @512-335-8037 to speak to a Lakeline Tax enrolled agent about getting your tax return reviewed by a professional. We can help ensure every line is entered accurately, and file an amendment for you if we find any errors on those old returns.

To schedule an appointment today click here:

Avoiding headaches is one reason why around 60% of taxpayers hire a tax pro to help them file. Also consider seeking help from our Tax experts if:

You have a business: Business owners or contractors or investors may need guidance from someone who knows tax laws related to specific jobs or industries.
You’ve had a major life change: Marriage, divorce, kids, caring for elderly parents — each involves areas of the tax code that may be new to you.
You’ve had a transaction-heavy year: Buying and selling a home or investments (and how you structure your transactions) will affect how much you owe Uncle Sam.
Your records are not great and/or you anticipate tax troubles: Finding a tax-code pro who can represent you in an audit can be a lifesaver.