Trustway Tax & Accounting has released the new taxpayer guide for individuals and small businesses who have filed erroneous tax returns or need professional advice on tax filing strategies. The guide highlights the need to identify the appropriate deductions and maximize financial returns – aspects that might not be immediately obvious to first-time taxpayers.
More information can be found at: https://trustwayaccounting.com/blog/b/second-opinion-tax-return
A survey commissioned by the American Institute of CPAs (AICPA) shows that about half of all tax-filing Americans pay inaccurate taxes and have not updated or understood their returns, resulting in an inflated tax bill. Trustway Tax & Accounting has released the new guide to address this trend and to help Americans avoid common tax filing issues.
The guide advises taxpayers to seek professional help to uncover possible overlooked deductions and navigate the tax code to ensure accuracy and compliance. Trustway Tax & Accounting identifies common errors: inaccurate documentation of income sources, errors in calculations of credits and deductions, misunderstanding of IRS rules, incorrectly applied tax deductions, and incorrect filing status.
“Of course, it’s better to have a second professional opinion when reviewing taxes,” explains a company representative, “but it’s almost always bad to go with no professional opinion at all, possibly leading to missed opportunities in tax returns and costly errors.”
Professional help from qualified accountants can prevent mistakes on tax returns that could otherwise result in penalties and audits, states Trustway Tax & Accounting. The firm specializes in identifying potential deductions that might increase refunds or reduce owed taxes while being compliant with the law.
Trustway Tax & Accounting also offers clients financial advice on strengthening their portfolios according to their goals and remaining tax compliant. This includes advice regarding investment and retirement options.
About Trustway Tax & Accounting
Trustway Tax & Accounting is a trusted tax and financial consultancy in Birmingham, Alabama, with over 25 years of experience providing tax consulting, accounting, payroll, cash flow management, reporting, invoicing, and financial advisory services. The firm has completed more than 200 projects for as many clients.
“Getting a second opinion tax review can be incredibly beneficial for individuals and businesses,” says a spokesperson. “It ensures accuracy and compliance with the IRS, maximizes deductions, and provides effective strategies for filing returns. Mistakes in prior filings can result in costly penalties, making it essential to have an experienced accountant do your review to avoid them. Ultimately, seeking a second opinion from an expert is invaluable when filing taxes and preparing accurate returns.”
Interested parties can read the guide and make an appointment online at: https://trustwayaccounting.com/blog/b/second-opinion-tax-return
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Florida Times Daily journalist was involved in the writing and production of this article.