Tax Return Audit
Do you consider tax preparation exhilarating? Do you look forward to it every year because it’s so fun? Chances are, your answer is “no.” Don’t feel bad. You’re in good company. Many people don’t enjoy dealing with taxes, so they put it off until the last minute while others get their tax preparation done early and quickly just to get it over with.
In either case, you might have hurried the preparation and missed some credits or opportunities to save money. The year 2020 was a crazy year. Along with the pandemic, small businesses were hit hard, and many lost jobs or couldn’t afford normal life necessities. Laws were signed to help citizens that awarded stimulus payments, unemployment subsidies and government loans that many won’t have to pay back.
Our Audit In Action
- Utilized Covid Relief Credit - saved the client $7,500!
- Two "Schedule C" returns for same business. Amended the return and combined them - lowered SE tax by $3,500!
- SE payments were not utilized as a deduction for the correct year - lowered SE tax by $1,500!
This service is for those who have filed their 2020 tax returns and are looking for a 2nd set of eyes.
Our audits are a flat fee of $247, which is a super-small cost to avoid big surprises from our friends at the IRS! If you jumped the gun and filed your taxes without claiming 2020 tax credits due to you, we can go back and get your real tax bill adjusted.
After the Fact
Corresponding tax laws had to adjust quickly to render more financial relief while preventing citizens from being punished for receiving government aid money. Informing the masses about these credits and accommodations had to be done with little time and resources. There are mixed reviews about how well the word got out. The 2020 unemployment tax credit allowance laws passed after some folks had already prepared and filed their 2020 income taxes. The point is, many people never “got the memos” and sent in their 2020 taxes without taking advantage of the new tax credits, leaving a lot of money due to them on the table.