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 Omaha NE

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

Creditchecks.com
(402) 551-6256
127 Nth 39th St
Omaha, NE
Armored Knights Inc
(402) 341-2600
2330 Paul St
Omaha, NE
Detective Services
(402) 333-3303
11929 Elm St
Omaha, NE
Government Offices US
(402) 965-9670
2707 N 108th St
Omaha, NE
Fire Investigation Specialists Inc
(402) 457-6013
4848 Lockwood Cir
Omaha, NE
Adair Asset Management
(402) 399-9049
405 N 115th St Ste 100
Omaha, NE
Skypark Business Solutions Inc
(402) 933-7355
Omaha, NE
Latino Banking Solutions
(402) 496-4039
12525 Burt St
Omaha, NE
Card Management Corp
(402) 896-4273
3748 S 186th Ave
Omaha, NE
K Js Associates
(402) 896-3911
Omaha, NE



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

Creditchecks.com

(402) 551-6256
127 Nth 39th St
Omaha, NE
Read more about Avoid These Common Errors and Audit Triggers

Related Local Events
Iron Sharpens Iron Conference ~ Calvary Christian Church
Dates: 2/27/2010 - 2/27/2010
Location: Calvary Christian Church
Bellevue, NE
View Details
Anime NebrasKon 2009
Dates: 11/6/2009 - 11/6/2009
Location: Holiday Inn Omaha Convention Center
Omaha, NE
View Details
Strategic Summit
Dates: 9/14/2009 - 9/14/2009
Location: Pizza Shoppe Collective
Omaha, NE
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.