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Signs You Might Need a Second Look at Your Tax Return

May 16, 20248 min read

After you've filed your taxes, it's natural to wonder if you've missed out on any potential deductions or credits. Seeking a second opinion from a qualified tax professional can provide reassurance and potentially uncover additional savings. Even if you've already filed, it's not too late to benefit from expert advice. 

A tax professional can comprehensively review your return, searching for ways to optimize your tax outcome. They can identify deductions or credits that you may have overlooked and ensure that your return is accurate and compliant with current tax laws. This second look can provide peace of mind and potentially put more money back in your pocket.

When to Get a Second Opinion Tax Review

Tax season can be stressful, but a second opinion tax review can alleviate it. It ensures accurate and IRS-compliant returns, maximizing your deductions. Mistakes on prior filings can have heavy penalties — an experienced accountant should do your review to ensure accuracy and compliance. The benefit of a third-party verification includes uncovering overlooked deductions.

A qualified professional gives insight into unconsidered strategies and saves time and money. It's invaluable for peace of mind to have a second opinion when preparing returns.

If you’re already working with a financial advisor, you may want to get a second opinion tax review if:

  • Your advisor isn’t responsive in answering your questions

  • Their communication is little to nonexistent

  • The advice you’re getting is inadequate to what you’re trying to achieve

  • You need additional services that the advisor does not provide

  • They are recommending investments that aren’t advancing your portfolio the way you want

If you’re working on your portfolio by yourself, you may want to consider a second opinion if:

  • Your investments and performance aren’t reaching your goals

  • Managing your assets is taking up most of your time and energy

  • You aren’t able to tell if you’re taking enough or too many risks

  • You’ve just gone through a life-changing event that affects your finances

  • You need help planning for goals like retirement or college

how to get a previous tax return

Here are some more specific situations where a second look at your return could be highly beneficial:

Life Changes

Did you experience significant life events this year? This could include:

  • Marriage or Divorce: Both marriage and divorce can come with unique tax implications. A professional can ensure you claim the appropriate filing status and credits, like the Married Filing Jointly or Head of Household status.

  • Birth or Adoption of a Child: Welcoming a new child often qualifies you for the Child Tax Credit and Dependent Care Credit.

  • Caring for an Elderly Parent: If you pay for the care of an elderly parent or dependent, you may be eligible for the Dependent Care Credit.

  • Buying a Home: Homeownership comes with tax benefits like the Mortgage Interest Deduction and the Real Property Taxes Deduction. A tax professional can ensure you claim these deductions accurately based on your mortgage and property tax payments.

  • Starting a Business: If you started a business this year, you may qualify for specific deductions for business expenses, home office use, or startup costs.

Complex Tax Situation

If your tax situation is anything but straightforward, a second opinion is highly recommended. Here are some examples:

  • Owning a Business: As mentioned above, business ownership introduces a layer of complexity to your tax filing.

  • Significant Investments: Selling investments may result in capital gains or losses. A tax professional can help you calculate these gains and losses and claim them appropriately.

  • Real Estate Transactions: Buying, selling, or inheriting property can have tax implications. These transactions should be reported correctly.

  • Medical Expenses: If your medical expenses exceed a certain threshold, you may be eligible for the Medical Expense Deduction.

Notice from the IRS

An IRS notice about your tax return can be unexpected, but it doesn't have to be stressful. You may want to seek help from a qualified tax advisor who can represent you before the IRS, answer their questions, and advocate for a favorable outcome.

Feeling Uneasy, Even Without Major Changes

Even if your life seems tax-straightforward this year, a nagging feeling of uncertainty can linger. Here are some reasons you might feel uneasy:

  • Unfamiliarity with Tax Law: Tax laws are ever-changing and complex. You might wonder if you missed out on new deductions or credits.

  • Using Online Tax Software: While online tax software can be helpful, you might not be sure if it captured all your deductions and credits optimally.

  • Hearing About Others' Tax Situations: Maybe a friend mentioned a new tax credit you haven't heard of. A professional can review your specific situation and see if you qualify for similar credits.

By seeking a second opinion in any of these situations, you're taking a proactive step toward ensuring your tax return is accurate, compliant with current tax laws, and optimized to save you the most money possible. Don't leave money on the table – a second look by a tax professional can make a significant difference in your tax return.

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What a Second Opinion Can Reveal

Having a qualified tax professional review your return can uncover several things: 

  • Errors: Mistakes happen. A professional can identify any errors and help you amend your return if necessary. Some other common errors include inaccurate filing of income sources, overlooking important tax forms or documents, or incorrectly claiming dependents.

  • Missed Deductions and Credits: Tax laws are intricate, and new opportunities may exist every year. A professional can ensure you've claimed all the deductions and credits you're entitled to.

  • Opportunities for Improvement: Tax professionals stay updated on the latest tax laws and strategies. They may identify ways to minimize your tax burden in the future, saving you money in the long run.

  • Red Flags: A second opinion can unveil potential red flags like missing documentation or excessive claims that could trigger an audit.

Why Consider a Second Look from a Tax Pro?

It's important to have someone review your tax return, especially if you're filing for the first time or if there have been substantial changes to your finances over the previous year. A professional can provide an objective assessment of where you stand in terms of taxes and budgeting and identify any areas where additional deductions or refunds may be available.

Even if you've confidently submitted your tax return, there are significant advantages to having a tax professional review it. Consider it an investment in maximizing your return and minimizing any potential problems down the road.

A tax professional's expertise can be invaluable in uncovering all the deductions and credits you qualify for. They have a deep understanding of current tax laws and can identify opportunities you might have missed. This translates to a potentially lower tax liability or a larger refund – money you deserve to keep in your pocket.

how to get a previous tax return

An additional layer of security comes with having a tax professional review your return. In the unlikely event your return is selected for an audit by the IRS, a tax professional can be your rock. Their knowledge and experience can guide you through the audit process and represent you if needed, providing valuable peace of mind throughout the experience.

Finally, hiring a tax professional can free up your valuable time and reduce stress. Tax filing can be a time-consuming and stressful process. By outsourcing it to a professional, you're alleviating the burden of navigating complex tax laws on your own. This allows you to focus on other priorities while having the peace of mind that your taxes are being handled accurately and efficiently.

Overall, having a professional review of your tax return guarantees accuracy, saves time, and reduces the probability of making costly errors.

how to get a previous tax return

Choosing a Tax Professional

When seeking an accountant for a second look at your taxes, make sure they are qualified and have experience handling similar cases. Ask for references from other clients who have used their services before making any commitments. Additionally, inquire about their fees and any payment plans that may be available should you need more than one review before submission.

Preparing For Next Year

Taking steps such as double-checking all information entered into forms and keeping records throughout the year can help ensure accuracy when submitting them. Seeking professional advice regarding financial matters can also ensure that you are making the best choices for your investment and retirement options.

By following this advice, you will increase your chances of having an accurate return, which should go smoothly without requiring too much effort during the preparation stages. This will allow peace of mind, knowing that everything has been taken care of correctly this season.

how to get a previous tax return

Don't Let Mistakes Cost You

Filing your taxes can be stressful, but it doesn't have to be. Taking the time for a second opinion on your tax return can ensure accuracy, lower your tax liability potential, and provide valuable peace of mind.

Tax professionals can provide guidance on tax-saving strategies and help you avoid costly mistakes. Additionally, having a professional review your return can provide reassurance that your taxes have been filed correctly, reducing the stress associated with tax season.

Trustway Accounting boasts a team of experienced tax professionals who are here to help. We can review your tax return, identify any missed opportunities, and ensure you take advantage of all the deductions and credits you deserve.

Call us today at 205-463-5260 to schedule a consultation and breathe a sigh of relief knowing your taxes are in good hands.

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