Empower Your Finances with Expert Prior Year Tax Review
Tax Return Review
A Prior Year Tax Review can do a lot of good. It may grant peace of mind knowing that your taxes were filed correctly. It may also resolve any suspicion or curiosity regarding whether your taxes were filed correctly and accurately. Maybe there was an additional credit you were given but you didn’t really meet the qualifications. Perhaps, the person who did your taxes informed you of something they could put on your tax return that didn’t make sense. Having a check-up to ensure your return is as accurate as possible also helps remediate any potential audits down the road.
What is a Prior Year Review?
Engaging in a prior year tax review is a strategic decision that offers multiple advantages for your financial management. This process allows you to meticulously assess past tax filings to identify and correct any errors or omissions, thereby enhancing the accuracy of your financial records. Furthermore, a comprehensive review can reveal overlooked deductions and credits that could potentially result in financial recoveries, optimizing your financial outcomes. It also ensures that your tax filings remain aligned with current regulations, significantly reducing the risk of audits and associated penalties. By undertaking a prior year tax review, you reinforce your commitment to compliance and financial integrity, positioning yourself for more informed and effective tax planning strategies in the future.
**Identify and Correct Errors**
A thorough review can uncover mistakes or omissions in your previous filings, allowing you to amend them and ensure accuracy in your tax records. This process safeguards your organization from potential discrepancies and compliance issues.
**Maximize Deductions and Credits**
Professionals can identify missed deductions or credits from previous years, potentially leading to financial recoveries. By optimizing your past tax returns, you can enhance your financial outcomes.
**Strengthen Compliance**
Ensuring past tax filings comply with current regulations helps to mitigate risks of audits and penalties. A detailed review reinforces your commitment to maintaining legal compliance and promotes financial integrity.
Here is the Process for the Prior Year Tax Review:
1. Upon agreement with the service, we will add you to our secure client portal
2. We will then have you sign the agreement, and make the payment upfront
3. You will be able to upload your prior year’s tax documents (full tax returns for both federal and state or business tax returns)
4. We will review them and prepare a report for your review as well as a summary concerning any highlights or changes that may need to occur (if any)
Reach out to our firm and we can help. Email us at contact@jctaxservicesllc.com or text us at (681) 353-5010.
