In 2014, the IRS announced that at least 9 million families failed to claim the maximum education-related tax credits every year. Since then, very little has been done to help these recent college students and their parents claim the tax refund money they missed.
It appears that about 20 million Americans would benefit from amending one or two old tax returns to claim an average of more than $1,300 per year. Popular tax software programs often fail to calculate the maximum education credit accurately. Many CPAs are unfamiliar with the challenges and complicated regulations surrounding scholarships, grants, tuition, and education credits. College students and their families rarely hire CPAs, and they don't realize that the "free" tax software they are using is costing them thousands of dollars in missed tax credits.
There is an untapped market in this time of financial insecurity -- or a wide-open opportunity -- for CPAs to step up and help college students and their families claim valuable education tax credits.
Steve Hunt CPA is the owner of College Tax Refunds LLC, where they help recent college students and their parents claim thousands of dollars that they don't even realize they missed on old tax returns. CollegeTaxRefunds.com focuses entirely on amending old tax returns to claim missed tax credits, and they provide a free online calculator for students and parents to check their old tax returns. They have helped more than 2,081 clients claim over $2,751,000 in tax refunds that were missed when the clients used "free" tax software, family accountants, and other CPAs. Steve Hunt taught Tax and Accounting for six years at Brigham Young University - Idaho and Montana State University. He has been a CPA and a member of the AICPA for 14 years.
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