A Study Reveals Your Tax Refund May be Underestimated
Each year that you have your taxes filed, do you ever question the amount of your refund and wonder if you were entitled to more money had you taken your information elsewhere and had a different preparer complete it? With the wide array of options available to you from using do-it-yourself tax filing software’s, to taking it to a physical location that offers legitimate tax professional services, and even accountants who are able to accurately and successfully file your income tax return, is there in fact going to be a significant difference in your refund depending on which route you take?
In a recent news broadcast video shared by ABC News, if this has been a question you have previously pondered, tax lawyers in New Jersey note that you may now finally be receiving the answer to this one very important question. ABC News asked one family living in New Jersey to participate in a study that would reveal the difference in fees, preparation time, and total refund amount if they had their tax refund estimated by three different tax preparers. The first one they began with was Turbo Tax.
Tax attorneys in New Jersey highlight that the couple used the online system to obtain an estimate for their return, which was completed during one evening. The fee was only $55, and their estimated money back was $1363. Little did the family know, they were missing out on the Child Tax Credit, which is something tax legal representatives report as one of the many credits Americans are missing out on each and every year. The good news is that you have the opportunity to go back and amend certain returns, which ultimately means you are still entitled to receiving that money. After the couple applied this correction to their return, Turbo Tax increased their refund to $3274.
The family then took their tax forms and headed over to a storefront that offered tax filing services. The estimated time that it would take to have their entire tax return completed was a few days, and the fee for that ranged from $300-$400. Not only that, but it took the couple four trips to the storefront, which then increased their fee to $806. After some negotiation, the family was able to get them back down to $400. The total refund for having their taxes completed there was only $2434.
The last place New Jersey tax lawyers highlight that the family attempted to receive an estimate for their refund was a family recommended accountant. The fee was $350, and their refund was expected to be $2868.
As a result, the couple ended up taking the route that took the least amount of time, cost less, and provided them with the highest refund, which was through Turbo Tax. With that in mind, New Jersey tax legal representatives remind you to be wise in choosing your preparer and be sure you are in fact receiving the appropriate amount back in your tax refund for the 2015 year.
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