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Are You Sure About That?
Double-Check Challenge helps taxpayers catch costly errors in previous years' tax returns
Each year, millions of Americans assume they've
completed their tax return correctly. But with frequent tax code changes
and increasingly complex forms to fill out, it's no wonder that mistakes
creep in. In fact, missed deductions and foregone credits cost more
than two million Americans about $945 million in 2002, according to
the General Accounting Office. That comes out to about $400 per taxpayer.
Because the IRS allows taxpayers to amend returns originally filed
in any of the past three years, it’s worth taking a second look
at recent returns to make sure errors weren’t made. After all,
mistakes can easily occur after new laws are introduced or if the
return was completed in a rush near the filing deadline.
Free Double Check Challenge
H&R Block, the nation’s leading tax
preparation company, offers taxpayers a free review of their last
three tax returns to ensure that no mistakes were made.
With the Double Check Challenge, an H&R Block tax professional
looks over the returns to confirm that no deductions or credits were
overlooked, the correct filing status was claimed and the tax bill
was calculated correctly. If an error is found, an amended return
must be prepared and filed to receive any refund. While the review
of prior returns by H&R Block is free, re-filing fees do apply
should the taxpayer choose to submit an amended return.
“Most people turn in their taxes believing everything is in
order and then move on to the next year,” says H&R Block’s
Kathy Burlison. ``Yet recent studies have shown that 52 percent of
Americans aren’t sure of the tax breaks they qualify for when
preparing their annual returns.”
Frequently overlooked deductions and credits include the Earned Income
Tax Credit (EITC), job relocation expenses, mortgage interest, child-care
expenses and charitable contributions.
Not Pocket Change
Taking advantage of the Double Check Challenge can help taxpayers
put money back in their pockets. Last year, for instance, 89 percent
of those who took advantage of the Double Check service (and for whom
Block prepared an amended return) received additional money back.
The average refund was about $1,300 per filer.
“This service helps taxpayers feel confident by taking the worry
out of wondering whether the tax returns they filed are correct,’’
says Burlison. “And for many people, it can be an unexpected
bonus when we find mistakes that put dollars in their pockets.”
To learn more about saving on taxes and H&R Block’s Double
Check service, visit www.hrblock.com or contact your local H&R
Block tax office. |
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