With the new changes of last years’ tax law coming into effect, the question of accuracy of your taxes becomes more important than ever. We consistently get new clients that have lost confidence in their accountant’s ability and reach out to us to review the work. Sometimes we do not find any changes that need to be made, but a lot of times we can pick up on missing deductions or even just incorrect work. Your accountant should be reviewing your financials as well as having conversations with you to make sure that any and all deductions are accounted for. If your accountant is not reviewing your financials with you, there is no way that either of you can ensure that all deductions are accounted for and classified correctly. What does that mean to you? You are paying more tax than you should! A good accountant and a business owner should have one goal in mind: pay the least amount of taxes legally possible at any time.
We recently did a tax review for a client in Oklahoma who felt that something just wasn’t right with his taxes. He was never able to get a good answer from his accountant on why he owed so much and where this “income” was that his accountant was reporting. After a review of his entire tax picture we found that his current accountant was misclassifying deductions that totaled to over $50k in extra tax paid over 2 years! We are currently working with him to fix these returns and get his money back from Uncle Sam. No one likes paying tax, especially tax that you should not have paid in the first place.
If you are thinking that you have an issue of your own, click here to set up a free consultation with one of our tax professionals to review your taxes. Or give us a call at 866-383-4948.