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Avoid These Common Errors and Audit Triggers Byhalia MS

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

City of Germantown Fire
901-751-7600
1930 S Germantown Rd
Memphis, TN

Muhammad Business Services
(601) 786-8588
248 Medgar Evers Blvd
Fayette, MS

Cross Road Consulting
(601) 924-2411
1202 Springridge Rd
Clinton, MS

Burle W L Engineers PA
(662) 247-2694
101 N Hayden St
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Technology Management Analysis
(228) 497-3936
424 Highway 90
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Southeastern Management Co Inc
(662) 286-8713
2508 Highway 72 E
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Brent H Associates
(662) 378-4142
119 S Walnut St
Greenville, MS

Century Financial Services of Ms Inc
(662) 842-6620
100 Park Gate Ext
Tupelo, MS

Images Images Inc
(601) 853-8684
Madison, MS

Oakes J F Sales & Marketing Warehouse
(662) 746-7207
413 S Main St
Yazoo City, MS

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

City of Germantown Fire

901-751-7600
1930 S Germantown Rd
Memphis, TN

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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
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Environmental	Home Electronics	Pets	World History