If You've Done Your Taxes Yourself, It's Not Too Late to Get Another Look at
Your Return Free at H&R Block
Even If You've Already Filed With TurboTax(R), H&R Block Tax
Professionals Can Look for Missed Credits or Deductions
KANSAS CITY, MO -- (Marketwire) -- 02/25/13 -- This tax season,
there were approximately 1,000 changes to the federal individual
income tax code. Throw in almost 4,400 state changes and one can
start to get a picture why going it alone could be a daunting task.
To ensure taxpayers receive all they can, H&R Block is offering a
free Second Look(TM) through April 30 for TurboTax users and other
taxpayers in participating offices or via Block Live. This includes
another look at 2012 tax returns and if desired, a review of the past
three prior year returns. If properly claimed, commonly missed
credits and deductions could result in thousands of dollars of
additional money in the pockets of individual taxpayers.
"Taxes are complicated and even smart people miss things. The risk
for taxpayers who do their own returns is the possibility of missing
out on deductions or credits that can save thousands of dollars,"
stated Robert Turtledove, chief marketing officer of H&R Block. "Even
for those who have already filed their return, it's not too late to
have an H&R Block tax professional take another look. If we find
you've missed something, we can amend and re-file your return and get
you every penny you deserve."
As the tax filing season approaches its mid-point, taxpayers should
be aware of available tax credits and deductions and take a closer
look at their 2012 return. Unfortunately, not all tax returns are
prepared accurately which can lead to overpayment. Below are the top
five missed and misunderstood tax breaks.
1. Higher Education - American Opportunity Credit worth up to $2,500,
the Lifetime Learning Credit worth up to $2,000 and the Tuition and
Fees Deduction which lowers taxable income up to $4,000.
filing status - For a single parent with two children earning
$40,000, selecting single filing status instead of head of household,
could cost them approximately $600.
3. Self-employed Schedule C -
More than 25 million taxpayers file a Schedule C annually. However,
these small business people often miss basic tax breaks they qualify
4. Dependent exemption - This tax break, often missed by
filers in the sandwich generation and other multi-generational
families, lowers taxable income by $3,800 per dependent.
Income Tax Credit - Approximately 1 in 5 taxpayers who are eligible
for this credit fail to claim it. The credit could be worth up to
Additionally, each year, it's estimated that almost a million
taxpayers leave money on the table by not filing a tax return even
though they qualify to receive a refund. The median total refund
amount for this group is about $600. Taxpayers can still claim any
money due from 2009 through 2011 by filing tax returns for those
years and by being current on their prior year returns.
For current year returns, clients can access the expertise of H&R
Block for a free Second Look review of their 2012 tax return either
in one of approximately 11,000 tax offices or from the comfort of
home via Block Live. H&R Block's Second Look provides a professional
review of the original tax return from the past three years and
advice on what to do if variances are found. For a fee, H&R Block
will file an amended or corrected return for the taxpayer. Taxpayers
can find a participating H&R Block office or access Block Live by
About H&R Block
H&R Block, Inc. (NYSE: HRB) is the world's largest
tax services provider. More than 600 million tax returns have been
prepared worldwide by and through H&R Block since 1955. In fiscal
2012, H&R Block had annual revenues of $2.9 billion with 25.6 million
tax returns prepared worldwide. Tax return preparation services are
provided in company-owned and franchise retail tax offices by
approximately 90,000 professional tax preparers, and through H&R
Block At Home(TM) digital products. H&R Block Bank provides
affordable banking products and services. For more information, visit
the H&R Block Online Press Center.
TurboTax is a registered trademark of Intuit, Inc.
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