Claim Your Money Now - Discover The Cure for Costly Mistakes and Bad Tax Advice!

Online, May 13, 2010 (Newswire.com) - "Past reports from the General Accounting Office revealed overpayment of hundreds of millions of dollars due to erroneously prepared returns. Amazingly, this problem not only effects those who self-prepared using tax software programs such as TurboTax® or H&R Block At Home™, but it also plagues those who used a paid preparers", said Michelle Boyer CPA, Managing Partner at the firm.

Using tax preparation software does simplify the process of preparing a return. With simplicity however, you have increased chances of losing deductions and misreporting income just to name a few. With a wizard-like interface, these programs are narrowly focused "cookie cutter" approaches to our tax code of over 60,000+ pages of regulation.

"For those of you who hired an accountant or CPA, we have found that a general review could reveal costly mistakes. Although you may have paid your tax professional good money to prepare your returns, the ultimate burden of responsibility lies with you, the taxpayer.", Mrs. Boyer went on to say.

Interviewed on location by Lynnett Gallagher, our Phoenix AZ correspondent. Mrs. Gallagher asked, "How could people allow such a loss of income in today's financial climate?"

Racing to beat the April 15th deadline creates what we call "tax time anxiety". This leads to poor judgment and mistakes that cost you thousands of dollars in additional taxes. Unfortunately, the FDA does not recognize "tax time anxiety" as a medical condition nor is there approved medication for treatment. The good news is there is a cure! And yes, it could be tax deductible!

The common phrase "haste makes waste" is particularly true when it comes to the complexities of preparing tax returns. Being rushed when gathering records creates a multitude of opportunities for errors even with the most organized and detail minded people. During tax season, most tax professionals are overwhelmed. The available time to spend on each tax form becomes stretched thin. Chances of poor judgment and errors are statistically higher during this time. These costly mistakes are compounded with preparers who lack organization skills and work ethics.

There is high probability that you failed to capture certain tax deductions or missed a tax code change that could reduce your tax liability. In addition, you may have been given bad advice from a professional preparer or tax software program. To help ensure accuracy and maximize your tax savings Mrs. Boyer recommend the following:

Amend your tax return - Many worry that an amended return will increase the chances of an audit. The IRS clearly states that this is not the case. An amended return is much better than an incorrect return.

What could you or your tax preparer possibly missed? In 2009, IRS got into the spirit of economic stimulus by adding new deductions and credits. From education credits to home purchases, unbelievably, the government is giving money away. Did you or your preparer know what credits you were entitled to? Did you review how your trading activity was reported? Did your accountant know to break out the 1256 contracts from your regular stocks and options? Was the wash sale adjustment calculated on the sales of your stocks and options? The list goes on and on...

Always take into consideration, filing an amended return. A correctly amended return will decrease your chances of being audited and could put additional cash back into your pocket!
Consider filing an extension next year - The IRS is very generous when it comes to giving you extra time to file your return. In fact, with an extension, you can wait until October 15th to file a personal tax return. An extension will provide additional time to gather records and give your tax professional more time to focus on your tax forms.

Carefully select a knowledgeable tax professional - You are urged to use care and caution when choosing a tax preparer. Remember, you are legally responsible for what is on your tax return even if another individual or firm prepared it. Most tax return preparers are professional, honest and provide excellent service to their clients. However, unscrupulous tax return preparers do exist and can cause considerable financial and legal problems for their clients. Therefore, it is important to find a qualified tax professional.