All Topics > Business Services > Avoid These Common Errors and Audit Triggers > Wisconsin >

Avoid These Common Errors and Audit Triggers Manitowoc WI

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

Economic Development Corporation
(920) 482-0540
1515 Memorial Dr
Manitowoc, WI

Creative Solutions
(920) 682-1230
Manitowoc, WI

Advocates Management Inc
(920) 684-7739
1332 S 26th St
Manitowoc, WI

Quality Systems Associates Inc
(920) 682-9045
818 Washington St
Manitowoc, WI

Door County Economic Development Corporation
(920) 743-3113
185 E Walnut St
Sturgeon Bay, WI

Boettcher Assoc
(262) 782-2205
120 Bishops Way
Brookfield, WI

Basics In Milwaukee Inc
(262) 574-5910
1724 Erin Ln
Waukesha, WI

Bock Richard Mgmt Cons
(262) 538-3810
N82W29172 Florencetta Hts
Hartland, WI

Cardinal Management Corp
(920) 435-5555
1901 S Webster Ave Ste 6
Green Bay, WI

Strong Capital
(414) 359-9707
100 Heritage Reserve
Menomonee Falls, WI

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

Armitage & Associates

414-276-7007
611 N Broadway
Milwaukee, WI

Read more about Avoid These Common Errors and Audit Triggers

- The General Ledger Manitowoc WI

A company's general ledger is kept to avoid making careless errors in financial reports, to track financial purchases and to provide evidence of the company's transactions. The general ledger is a summary of all of the transactions that occur in the company.

- Common Business tax mistakes Manitowoc WI
- Registry Scan Tool Manitowoc WI
- Give Your PC A Boost Manitowoc WI
- Greening a Small Business Manitowoc WI
- Correcting Errors On Credit Report Manitowoc WI
- ISO 9001 Registration Manitowoc WI
- Six errors when building your business Manitowoc WI
- Common Startup Mistakes Manitowoc WI
- Avoiding Costly Printing Mistakes Manitowoc WI

- The General Ledger Manitowoc WI

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

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