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Missed Credits, Deductions Can Cost Taxpayers Big

By: H&R Block |  1 Shares     221 Reads

Free H&R Block Second Look(R) Review April 3-5 Can Find Other Preparers' Errors, Bigger Refunds; Clients Have Taken Home $30 Million in Missed Money This Year Alone

Kansas City, MO, (MARKET WIRE via COMTEX) -- As the April 15 deadline for filing taxes quickly approaches, taxpayers who may have overlooked credits and deductions on their returns can get a second chance to claim them -- and potentially save hundreds or even thousands of dollars. H&R Block (NYSE: HRB) is offering a free Second Look(R) review in offices nationwide April 3-5.

Already, H&R Block tax professionals have found more than $30 million* for their clients through the Second Look review service, identifying errors in four out of five tax returns prepared by other people. The Second Look review, which typically costs $29 but will be free this weekend, includes a professional review of a tax return, and advice on what to do if variances are found. Nearly half of those who re-filed with H&R Block received a bigger refund.

Confusion can cost

According to a new survey from The Tax Institute at H&R Block, 62 percent of taxpayers don't know they can amend their return to claim missed credits or deductions. Generally, taxpayers can amend a return to claim a refund up to three years after the return due date, so the deadline to amend a 2005 return is April 15, 2009, which means time is running out to collect their share of the $1.3 billion in unclaimed refunds from 2005.

Commonly overlooked tax deductions and credits include:

• Recovery rebate credit
• Education tax benefits, including the Hope credit, Lifetime Learning credit and student loan interest deduction
• Earned income credit
• Child tax credit
• Saver's credit
• Medical expenses
• State and local taxes
• Self-employed business expenses.

"Why wouldn't you want to get a second opinion on your tax health? Sometimes getting that professional second look, as many of us do for our physical health, can mean catching a credit or deduction you may have missed," said Amy McAnarney, executive director at The Tax Institute at H&R Block. "In this economy, taxpayers can't afford not to get all they're entitled."

Taxpayers eligible for Second Look review are those who did not use H&R Block, and who either prepared their own returns, or who paid someone else or used someone else's tax software or free online tax programs to prepare their returns.

Get a free Second Look

Here's how taxpayers can cash in on their free Second Look.

• Anytime April 3-5, bring in a qualifying return to any of H&R Block's 13,000-plus offices for a Second Look.
• Taxpayers can even bring in 2008 returns and see if they're due more money.
• Taxpayers can find an office near them -- and a tax professional who fits their needs

* Figure reflects clients who had a positive savings and re-filed with H&R Block from Jan. 1, 2009 to March 11, 2009.

The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by Enrolled Agents, CPAs and Attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.

About H&R Block

H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut(R) online and software solutions. The company also provides business services through RSM McGladrey.

SOURCE: H & R Block

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