Many Taxpayers Get Money Back From Previous Years' Returns
Family Receives More Than $4,000 by Having H&R Block Tax Professional Double Check Past ReturnsFor many taxpayers, extra cash could be just an amended tax return away.
Since Jan. 1, 2002, H&R Block tax professionals have reviewed previously filed returns for more than 500,000 taxpayers. They found that one out of 20 should file an amended return, for an average tax refund of $1,300.
The Kreps family of Hudson, Ill., got more than three times the average refund amount back. Wayne Kreps had always prepared his returns himself and failed to take an allowable credit.
"I'm glad I took my old returns into H&R Block and had a tax professional double check them," said Kreps. "I was pleasantly surprised when I learned that we had more than $4,000 coming back to us, because we had missed out on the child tax credit for each of our three children the past three years."
With H&R Block's free Double Check Challenge, a tax professional looks at previously filed returns to see if the taxpayer should file an amended return for a tax refund that otherwise would have been lost, due to overlooked credits or deductions.
To take the Double Check Challenge, taxpayers simply bring returns originally filed within the past three years to an H&R Block office to have them reviewed at no charge. (April 15, 2002, is the deadline to amend 1998 returns.)
One of the company's 90,000 tax professionals will review returns to make sure no deductions were overlooked or credits were missed, and that the tax was calculated correctly. The returns can be simple or complex, prepared by do-it-yourself taxpayers or by certified public accountants or other professionals.
"Taxpayers can benefit from our professional expertise. With our Double Check Challenge, our tax professionals will review your return to ensure that it is correct and that you receive every tax benefit the law allows," said Mark A. Ernst, president and chief executive officer of H&R Block.
There is no charge to taxpayers for the review. When the taxpayer files an amended return, regular tax preparation and re-filing fees apply.
Most errors on tax returns fall into two categories: credits and deductions. The most commonly overlooked credits include:
-- Child tax credit
-- Education credits
-- Earned income credit
-- Child-care credit
Frequently missed deductions include:
-- Personal property taxes
-- Education expenses
-- Charitable contributions
-- Moving expenses
H&R Block Inc. is a diversified company with subsidiaries providing a wide range of financial services and products. In 2001, H&R Block served 19.2 million taxpayers -- more than any tax or accounting firm -- through its more than 10,400 offices located in the United States, Canada, Australia and the United Kingdom. H&R Block served another 2.3 million tax clients through its award-winning TaxCut(R) software program and its online tax preparation services. Investment services and securities products, including the Express IRA, are offered through H&R Block Financial Advisors, Inc., member NYSE, SIPC. H&R Block, Inc. is not a registered broker-dealer. H&R Block Mortgage Corporation and Option One Mortgage Corporation offer a wide range of home mortgage products. RSM McGladrey, Inc. is a national accounting, tax and consulting firm with more than 100 offices nationwide, as well as an affiliation with 550 offices in 75 countries as the U.S. member of RSM International. Additional information is available on the company's Web site at www.hrblock.com .
SOURCE H&R Block Inc.
CONTACT: Janine Smiley of H&R Block, +1-816-932-4871, email@example.com URL: http://www.hrblock.com
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