Tax Return Review
Tax return reviews often identify deductions which could have been claimed. Taxpayers can amend and refile income tax returns up to 3 years after they were filed. Taxpayers can obtain a check for the refund or have it applied to future taxes.
Most wealthy taxpayers do not participate in tax return reviews. Their tax returns are voluminous, complicated and technical. Tax return preparers are generally highly competent at completing tax returns. However, tax preparers often do an inadequate job of discussing the taxpayers activities, transactions, and opportunities for increasing deductions and reducing taxes.
Many taxpayers are incredulous that their CPA could have overlooked a deduction. However, the complexity and length of the federal income tax code, hectic schedule of tax preparers and limited communication between tax preparers and clients makes it probable deductions are overlooked.
Consider the following possibilities:
- Specialized methods for calculating real estate depreciation;
- Analysis of tenant improvements for write offs;
- Analysis of accounts receivable for deductions;
- Fixed asset review;
- Casualty loss;
- Planned charitable contributions;
- Structured interfamily gifts to minimize estate taxes;
- Property taxes;
- Sales taxes;
- Investment interest;
- Home computer;
- Travel expenses;
- Investment periodicals;
- Fees for investment advice;
- Fees for investment transaction;
- Personal disbursements for business activities.
Tax reductions can generally result from a tax return review to include legitimate deductions. Taxpayers can minimize taxes by maintaining a high level of communication with tax preparers and devoting a modest amount of time to planning.
O’Connor & Associates’ staff complement of over 50 real estate professionals includes 12-15 senior staff members who can complete a review of your tax returns. These professionals are supported by an experienced staff of over 100 who are accustomed to complex assignments. Our team has experience in all aspects of real estate including acquisitions, due diligence, ownership, appraisal, property tax appeals and dispositions. Reduce your risk and stress by utilizing O’Connor & Associates’ breadth and depth of experience to evaluate your real estate investments.
To obtain more information on O’Connor & Associates’ tax return review services, call or email Mike Olivares at 713-686-9955 or fill out our online form.