My Articles | About Us | Contact Us | Advertise With Us | Search   
 
News, Tips & Offers delivered to your inbox

ABOUT US | VIEW ALL FEATURED ARTICLES | VIEW ALL TOPICS | VIEW ALL REGIONS | DM MOBILE | DM BLOG

Avoid These Common Errors and Audit Triggers Horn Lake 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
A A Mid South Investigation
901-528-9116
100 N Main St
Memphis, TN
Backgrounds Express LLC
901-578-3287
55 N 3rd St
Memphis, TN
Cda Incorporated Detective & Security
901-526-5313
203 Beale St
Memphis, TN
Affordable Investigative Services
901-754-0006
393 Twelve Oaks Cir
Memphis, TN
National Detective Agency
901-452-9930
2555 Poplar Ave
Memphis, TN
Brewer Detective Services
901-454-0668
2555 Poplar Ave
Memphis, TN
Federal Bureau of Investigation
901-747-4300
6325 Humphreys Blvd
Memphis, TN
T B S Inc
(662) 494-5054
206 East St
West Point, MS
Phillips & Associates
(662) 234-9949
925 Van Buren Ave
Oxford, 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.

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

City of Germantown Fire

901-751-7600
1930 S Germantown Rd
Memphis, TN
Read more about Avoid These Common Errors and Audit Triggers

Related Local Events
Annual Chairman's Membership Luncheon
Dates: 12/17/2009 - 12/17/2009
Location: The Peabody Hotel
Memphis, TN
View Details
Breakfast Forum
Dates: 11/18/2009 - 11/18/2009
Location: Cannon Center for the Performing Arts, Stage
Memphis, TN
View Details
Leadership Luncheon
Dates: 10/29/2009 - 10/29/2009
Location: Fogelman Executive Conference Center
Memphis, TN
View Details
Breakfast Forum
Dates: 10/22/2009 - 10/22/2009
Location: Memphis Marriott East
Memphis, TN
View Details
Breakfast Forum
Dates: 10/22/2009 - 10/22/2009
Location: Greater Memphis Chamber
Memphis, TN
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
Articles.DirectoryM.com | Search | About Us | Contact Us | Mobile | Blog | En Español
Copyright © BET Information Systems, Inc. All rights reserved.