Avoid These Common Errors and Audit Triggers Austell GA

No business wants to have its tax returns examined any more closely than necessary. Below are some of the most common errors businesses make when filing their taxes. Be sure you steer clear of these potential red flags.

Local Companies

Charter Security Services
404-349-0763
330 Prestmoor Pl SW
Atlanta, GA
Hawk Investigations
770-760-0071
400 Galleria Pkwy SE
Atlanta, GA
Investigative Services International Inc
770-389-8119
2996 Grandview Ave NE
Atlanta, GA
Johnson Maples & Associates Inc
404-995-0535
3423 Piedmont RD NE
Atlanta, GA
ACCU Intelligence Investigations Inc
770-971-3883
943 Peachtree St NE
Atlanta, GA
translations.com
770 801 9151
1170 Peachtree St Ne
Atlanta, GA
Optimum Investigative Services
404-530-0600
3028 Washington RD
Atlanta, GA
Discovery Investigation
770-434-0445
235 Peachtree St
Atlanta, GA
Masterchek Investigations
404-870-9029
1201 Peachtree St NE
Atlanta, GA
Eagle Investigative Services
404-848-9839
4060 Peachtree RD NE
Atlanta, GA



No business wants to have its tax returns examined any more closely than necessary. Below are some of the most common errors businesses make when filing their taxes. Be sure you steer clear of these potential red flags.

Preliminary Information, Filing Status, and Exemptions

  • Include the correct Social Security number for you and your dependents.


  • If you plan to be out of the country on vacation on April 15, don't assume you're entitled to an automatic filing extension. You must request an extension on Form 4868.
Gross Income

  • If you're reporting any income differently than it was reported to you on Form 1099, be sure to note the amount of income from the 1099 on your return then adjust it attaching your own statement explaining the adjustment.


  • If you rolled over a regular IRA to a Roth IRA in 1998, include one-quarter of the resulting income on your return (unless you opted to include it all in 1998).
Adjusted Gross Income

  • You can't make an IRA contribution for 2001 after April 15, 2002, even if you receive a filing extension.


  • You can't take a deduction for an IRA rollover.


  • You can't base IRA contributions on unearned income (such as dividends, interest, rents from rental property).


  • Don't deduct IRA contributions you made between January 1, 2001 and April 16, 2001, which you treated as 2000 contributions (deductible on your 2000 return).


  • You can't convert your regular IRA to a Roth IRA if your income is over a threshold amount.


  • Don't deduct any Roth IRA contributions.
Deductions and Tax Computation

  • Don't deduct 2001 state and local taxes you paid in 2002 (for example, don't deduct your fourth-quarter state estimated tax payment for 2001 made in 2002).


  • Don't take a deduction for your commuting expenses.


  • Make sure to look under the correct column for your filing status when you look up your tax liability in the tax tables.
Other Taxes

  • If you had self-employment income of $400 or more, be sure to figure self-employment tax. You must include in self-employment income directors fees and income from a partnership or limited liability company.


  • If you exercised an incentive stock option in 2001 or owned private activity bonds, check to see whether you owe any alternative minimum tax.
Payments

  • Make sure you attach your Form W-2s (and any 1099s showing tax withholding) to your return.


  • Recheck your math.


  • Be sure to sign your return. If you file jointly, both spouses must sign the return.


  • If your return is more than five pages, add extra postage to ensure proper delivery to the IRS.


  • If you apply for an extension, don't forget to include a check for any estimated balance due.


  • Send your estimated taxes separately from your income tax return.

Featured Local Company

Charter Security Services

404-349-0763
330 Prestmoor Pl SW
Atlanta, GA

Related Articles
- Business Startup Austell GA
Starting a business is both exciting and daunting. Be prepared to make a lot of important startup decisions. From incorporation to financing, this article aims to outline many of the key considerations.
- Promotional Products Austell GA
- Corporate Gifts Austell GA
- Office Supplies Austell GA
- Exhibitions Austell GA
- Business Networking Austell GA
- Corporate Relocation Austell GA
- Human Resource Management Austell GA
- Trade Show Booths Austell GA
- Corporate Retreats Austell GA
Related Articles
- Business Startup Austell GA
Starting a business is both exciting and daunting. Be prepared to make a lot of important startup decisions. From incorporation to financing, this article aims to outline many of the key considerations.
- Promotional Products Austell GA
- Corporate Gifts Austell GA
- Office Supplies Austell GA
- Exhibitions Austell GA
- Business Networking Austell GA
- Corporate Relocation Austell GA
- Human Resource Management Austell GA
- Trade Show Booths Austell GA
- Corporate Retreats Austell GA
Related Local Events
1St National Ceo Network Conference
Dates: 11/21/2009 - 11/21/2009
Location: W Hotel Atlanta (Buckhead)
Atlanta, GA
View Details

Atlanta Regional Commission'S 2009 State Of The Region Breakfast -- Reserve Your Tickets Now!
Dates: 11/20/2009 - 11/20/2009
Location: Georgia World Congress Center
Atlanta, GA
View Details

Business And Professional Networking #2
Dates: 11/14/2009 - 11/14/2009
Location: Gujarati Samaj Of Atlanta
Tucker, GA
View Details

National Family Support Networking Planning Forum
Dates: 10/30/2009 - 10/30/2009
Location: Hyatt Regency Atlanta
Atlanta, GA
View Details

TAG Featured Speakers: Bal Dail
Dates: 10/29/2009 - 10/29/2009
Location: Ashford Club
Atlanta, GA
View Details

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History