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 Kentucky

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

Williams Financial Investigations LLC
859-223-5143
205 Baywood Dr
Lexington, KY
Borne Investigations Inc
859-269-3911
121 Richmond Ave
Lexington, KY
Commonwealth Investigative Agency
502-454-3435
1250 Bardstown RD
Louisville, KY
Eia Investigations
502-456-0420
1250 Bardstown RD
Louisville, KY
Executive Investigative Agency Inc
502-452-6614
1250 Bardstown RD
Louisville, KY
Collision Reconstruction Associates
859-367-0109
211 E 2nd St
Lexington, KY
Moriarty Investigations
859-231-9393
4121 John Alden Ln
Lexington, KY
Kentuckiana Detective Agency
502-459-7195
3715 Bardstown RD
Louisville, KY
Trico Security Inc
859-543-0177
575 W Main St
Lexington, KY
United States Government
859- 233-2449
1500 Leestown Rd
Lexington, KY



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

Williams Financial Investigations LLC

859-223-5143
205 Baywood Dr
Lexington, KY
http://www.williamsfi.com
Read more about Avoid These Common Errors and Audit Triggers

Regional Articles
- Avoid These Common Errors and Audit Triggers Ashland KY
- Avoid These Common Errors and Audit Triggers Bardstown KY
- Avoid These Common Errors and Audit Triggers Bowling Green KY
- Avoid These Common Errors and Audit Triggers Campbellsville KY
- Avoid These Common Errors and Audit Triggers Corbin KY
- Avoid These Common Errors and Audit Triggers Covington KY
- Avoid These Common Errors and Audit Triggers Crestwood KY
- Avoid These Common Errors and Audit Triggers Cynthiana KY
- Avoid These Common Errors and Audit Triggers Elizabethtown KY
- Avoid These Common Errors and Audit Triggers Erlanger KY
- Avoid These Common Errors and Audit Triggers Florence KY
- Avoid These Common Errors and Audit Triggers Fort Campbell KY
- Avoid These Common Errors and Audit Triggers Fort Thomas KY
- Avoid These Common Errors and Audit Triggers Frankfort KY
- Avoid These Common Errors and Audit Triggers Ft Mitchell KY
- Avoid These Common Errors and Audit Triggers Georgetown KY
- Avoid These Common Errors and Audit Triggers Glasgow KY
- Avoid These Common Errors and Audit Triggers Harrodsburg KY
- Avoid These Common Errors and Audit Triggers Hazard KY
- Avoid These Common Errors and Audit Triggers Henderson KY
- Avoid These Common Errors and Audit Triggers Hopkinsville KY
- Avoid These Common Errors and Audit Triggers Latonia KY
- Avoid These Common Errors and Audit Triggers Leitchfield KY
- Avoid These Common Errors and Audit Triggers Lexington KY
- Avoid These Common Errors and Audit Triggers London KY
- Avoid These Common Errors and Audit Triggers Louisville KY
- Avoid These Common Errors and Audit Triggers Madisonville KY
- Avoid These Common Errors and Audit Triggers Mayfield KY
- Avoid These Common Errors and Audit Triggers Morehead KY
- Avoid These Common Errors and Audit Triggers Mount Sterling KY
- Avoid These Common Errors and Audit Triggers Murray KY
- Avoid These Common Errors and Audit Triggers Newport KY
- Avoid These Common Errors and Audit Triggers Nicholasville KY
- Avoid These Common Errors and Audit Triggers Owensboro KY
- Avoid These Common Errors and Audit Triggers Paducah KY
- Avoid These Common Errors and Audit Triggers Pikeville KY
- Avoid These Common Errors and Audit Triggers Radcliff KY
- Avoid These Common Errors and Audit Triggers Richmond KY
- Avoid These Common Errors and Audit Triggers Scottsville KY
- Avoid These Common Errors and Audit Triggers Shepherdsville KY
- Avoid These Common Errors and Audit Triggers Somerset KY
- Avoid These Common Errors and Audit Triggers Versailles KY
- Avoid These Common Errors and Audit Triggers Winchester KY
Related Local Events
General Membership Meeting Luncheon
Dates: 11/18/2009 - 11/18/2009
Location: Kings Park Chamber of Commerce
Kings Park, KY
View Details
General Membership Meeting Luncheon
Dates: 10/21/2009 - 10/21/2009
Location: Kings Park Chamber of Commerce
Kings Park, KY
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.