Do you dread April 15th each year? I certainly do! As soon as January rolls around each year and I start receiving tax information in the mail the stress starts to build. However, this year, was different for me because I was able to get all of my tax questions answered by a Pre-Paid Legal tax attorney. Even though I have a certified public accountant file my paperwork, I always try to figure out before hand how much money I am going to owe. I look at state and federal tax tables and pore over them. I look up deductions and credits. This insanity does not end until my taxes are completed and filed with the government.
Every year my figures are off. I overestimate how much I am going to owe. The reason for this is because there are 70,000 plus pages of tax code. How in the world is a mere blog writer supposed to know all of these codes? I am therefore forced to rely on the professional expertise of my CPA and Pre-Paid Legal Tax Attorney to decode the law for me. Before I had a tax attorney, I often wondered if my CPA was giving me all the deductions and credits that was due to me. Or worse yet, if he was giving me too many. If he made any errors, the IRS would come after me and make me pay! Therefore it was in my best interest to make sure I personally understood as much as possible since I was personally going to be held accountable! I learned that having a Pre-Paid Legal Attorney was just as important as having a CPA.
Recently I decided to do a little research on some of the most common tax filing errors. While most of these issues concern filing taxes independently without the help of an accountant, these are tax mistakes that your CPA can make as well.
* Math computation tax errors are very common, especially when filing on paper versus doing it electronically. Double check all of your math.
* Incorrect address is another common tax error. If you have moved in the last year, then double check your address. Do not just use the sticky label they provide. Check it. This actually happened to me this year. My accountant got two addresses mixed up, so I did not get my tax returns right away. We had to wait for the post office to return them to the CPA's office.
* Incorrect tax table information is another mistake people make when doing their own taxes. Make sure you are following the tax table correctly.
* Incorrect of missing social security number is another big tax mistake. Many people forget to fill it in on their paperwork or type it in incorrectly. Double-check this! The year my son was born, I assumed my CPA would remember that he had been born. I forgot to give him his social security number and so we ended up filing an amended return.
* Incorrect Direct Deposit Routing Number is another common tax error. Double check your routing number. Do not rely on your memory. Check your number against a copy of your checks.
* Make sure all of your documentation is included. Missing or incomplete documentation is another common mistake that filers make. Include all of the paperwork such as W-2s, 1099s, and bank interest forms.
* Do not forget to include payment. The government graciously accepts money orders, checks or even a credit cards. If you owe, they expect a payment.
* Do Not send your only copy. This is another big tax mistake! Keep copies of everything that you send. Keep them for a minimum of 7 years.
* Failure to Report ALL Income. This includes interest income, child support, alimony, tips, and wages and more! The IRS will find out if you did not report ALL of your income and you'll be charged penalties and interest in addition to any taxes owed.
* Don't forget to sign your income tax return. If you make this mistake, they will send it back to you which can delay any refunds you may be receiving.
Perhaps you made one of these common tax errors and are now being audited. Or perhaps the IRS is sending you a bill you do not think you owe. In either of these situations, you are going to need representation from an attorney. With Pre-Paid Legal, as part of your membership, you receive representation for any audits. You can also call and ask an unlimited amount of questions you might have to your Pre-Paid Legal attorney.
If you are not yet a member of Pre-Paid Legal Services, you really need to be! Having Pre-Paid Legal is like having an insurance policy for these types of issues and much more!
Every year my figures are off. I overestimate how much I am going to owe. The reason for this is because there are 70,000 plus pages of tax code. How in the world is a mere blog writer supposed to know all of these codes? I am therefore forced to rely on the professional expertise of my CPA and Pre-Paid Legal Tax Attorney to decode the law for me. Before I had a tax attorney, I often wondered if my CPA was giving me all the deductions and credits that was due to me. Or worse yet, if he was giving me too many. If he made any errors, the IRS would come after me and make me pay! Therefore it was in my best interest to make sure I personally understood as much as possible since I was personally going to be held accountable! I learned that having a Pre-Paid Legal Attorney was just as important as having a CPA.
Recently I decided to do a little research on some of the most common tax filing errors. While most of these issues concern filing taxes independently without the help of an accountant, these are tax mistakes that your CPA can make as well.
* Math computation tax errors are very common, especially when filing on paper versus doing it electronically. Double check all of your math.
* Incorrect address is another common tax error. If you have moved in the last year, then double check your address. Do not just use the sticky label they provide. Check it. This actually happened to me this year. My accountant got two addresses mixed up, so I did not get my tax returns right away. We had to wait for the post office to return them to the CPA's office.
* Incorrect tax table information is another mistake people make when doing their own taxes. Make sure you are following the tax table correctly.
* Incorrect of missing social security number is another big tax mistake. Many people forget to fill it in on their paperwork or type it in incorrectly. Double-check this! The year my son was born, I assumed my CPA would remember that he had been born. I forgot to give him his social security number and so we ended up filing an amended return.
* Incorrect Direct Deposit Routing Number is another common tax error. Double check your routing number. Do not rely on your memory. Check your number against a copy of your checks.
* Make sure all of your documentation is included. Missing or incomplete documentation is another common mistake that filers make. Include all of the paperwork such as W-2s, 1099s, and bank interest forms.
* Do not forget to include payment. The government graciously accepts money orders, checks or even a credit cards. If you owe, they expect a payment.
* Do Not send your only copy. This is another big tax mistake! Keep copies of everything that you send. Keep them for a minimum of 7 years.
* Failure to Report ALL Income. This includes interest income, child support, alimony, tips, and wages and more! The IRS will find out if you did not report ALL of your income and you'll be charged penalties and interest in addition to any taxes owed.
* Don't forget to sign your income tax return. If you make this mistake, they will send it back to you which can delay any refunds you may be receiving.
Perhaps you made one of these common tax errors and are now being audited. Or perhaps the IRS is sending you a bill you do not think you owe. In either of these situations, you are going to need representation from an attorney. With Pre-Paid Legal, as part of your membership, you receive representation for any audits. You can also call and ask an unlimited amount of questions you might have to your Pre-Paid Legal attorney.
If you are not yet a member of Pre-Paid Legal Services, you really need to be! Having Pre-Paid Legal is like having an insurance policy for these types of issues and much more!
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