Previous Years Revisited
Common mistakes made by prior tax preparers. The earned income credit was figured incorrectly. The correct form to claim the earned income credit was not filed so credit was disallowed.
Social Security number for children used to claim the earned income credit didn’t match Social Security records.
The additional child tax credit was figured incorrectly.
Filing your tax return using the incorrect filing status. Some of the most common errors include mathematical errors, claiming the wrong amount on your estimated tax payments, an incorrect refund amount transferred from the previous year, and wrong amounts selected from the tax table.
Tracking investment ‘basis’ is often overlooked. Basis is the original value of your investment. For instance each year dividends and capital gains you have earned from your mutual funds are reported. These dividends and gains are taxable in the year reported. When you sell these funds your gain will be the difference between what you receive on the sale and your ‘basis’.
Itemized deductions or standard deduction. The Government Accountability Office (GAO) estimates that over two million taxpayers overpay their taxes by not itemizing their deductions.
Missed deductions: Many people file the 1040EZ income tax form to save time and money. The 1040EZ is used for basic income with minimal deductions. However many deduction such as student loan interest, alimony payments do not appear on the 1040EZ. These and other deductions can be found on the tax forms 1040A and 1040, long form. Every individual has different circumstances and we here at CR Global Taxes Services work with you to see which tax form best applies to each individual.
We can review your prior tax years to make sure none of these mistakes were made on your tax returns. We can review your past three years tax returns.
Ask Our staff
about the previous years revistiation. We are striving to make your finances and taxes experience a very pleasant and honest experience. Ask us about your previous problems, let our staff direct you most efficiently. Happy taxing season...