Tax Return Review Hints

Prior to e-filing your tax return, you will need to review it.
​Here are some suggestions to ensure everything looks right.



The Basics

• Confirm the basics for you, your spouse and your dependents: Double check the name, address, Social Security Numbers and proper identification of dependents that are under age 17
• Double check filing status.
• Confirm your income amount. Start with the total income line. Does the amount seem reasonable? Next look at the individual areas that make up your income. Compare wages, interest, and investment income with your tax forms. This area is especially important if you own a small business.

Adjusted Gross Income
Most tax returns will not have many lines entered in this area, but some might need special attention:

• Educators: look for your classroom expense deduction
• Self-employed: look for your deductible self-employment tax
• Contributors: check your HSA contributions and retirement plan contributions
• Students: check possible student loan interest
• Divorced: check for accuracy in any alimony or child support claims if they apply to you.

Taxes and Credits

• Deductions: Mentally note whether you are taking the standard or itemized deduction approach. If standard: do the math. If itemized: review your Schedule A for accuracy.
• Review the credits. Spend some time reviewing any other activity in this area of the 1040. If you see areas of entered credits, ensure you have a general understanding of what they are and why you qualify for them.

Any other entries in this section should be understandable. If in doubt, ask for clarification.

The Balance of the 1040

• Confirm the accuracy of your withholding amounts, any estimated tax payments, and any refund carryovers.
• If self-employed, double check the self-employment tax calculated here.
• If taking the Earned Income Tax Credit, ensure a properly filled out EIC schedule is included with your tax return.
• Review and confirm any other entries on the balance of the tax form
• If due a refund, ensure your instructions are properly documented on your tax form,
• Sign your tax return or your e-file approval and send the form to the correct address. Without a signature, your e-file cannot be submitted and your tax return is not deemed to be filed.

Important: If asking for a direct deposit of your refund, double check the account number. Errors in this area are hard to correct once your tax return is processed.

Other Forms and Schedules
Review the supporting schedules. Pay special attention to any missing schedules and new ones required for this year's tax filings. As a final suggestion, pull out last year’s tax return and compare it with this year’s filing. Focus your questions and review on the areas with significant differences.

"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at [email protected]. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720

---