Taking a Closer Look at a ‘Routine’ Tax Return

Taking a Closer Look at a ‘Routine’ Tax Return

Taking a Closer Look at a ‘Routine’ Tax Return

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Challenge:

A couple filing their annual 1040 had sold their home and purchased a condo. As LWG worked through their taxes, it was determined that there had not been a property tax payment for that year.

How LWG helped:

In preparing the tax return, LWG discovered that property taxes paid on the new residence had not been paid. Since property taxes are levied a year behind in the state of Indiana, the couple assumed the previous owner had paid the taxes on their newly purchased condo.

LWG contacted the assessor’s office and learned that not only had the property tax not been paid, but the condo was coming up on a tax sale and the new residents were completely unaware. Upon further investigation, LWG also discovered the title transfer had not been filed.

Outcome:

The issue was quickly corrected by notifying the assessor’s office, the payment of the property taxes and the filing of the title transfer. The 1040 was correctly filed.

Summary:

While there are many online do-it-yourself tax filing sites and pop-up tax services available, LWG has been preparing taxes for individuals, business owners, and businesses since our inception. Regardless of the size or complexity of your tax filing needs, we take the time to look deep in areas that are often missed. This results in a much better outcome for our clients.