All Topics > Business Services > Common Business tax mistakes >

Common Business tax mistakes Hawaii

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.

Local Companies

Charito Pascual-Delgado
(808) 487-8771
98-030 Hekaha St Ste 6
Aiea, HI

H & R Block
(808) 487-4417
98-130 Kamehameha Hwy
Aiea, HI

Liberty Tax Service Omni Financial
(808) 486-0442
99-115 Aiea Heights Dr Ste 101
Aiea, HI

Michishima James K
(808) 487-9002
98-1277 Kaahumanu St Ste 106
Aiea, HI

Nosaka Sybil Ea
(808) 484-4808
98-084 Kamehameha Hwy Ste 303b
Aiea, HI

Oshiro James K
(808) 486-8100
98-200 Kamehameha Hwy Ste 402
Aiea, HI

Tax Lady
(808) 696-6009
85-998 Farrington Hwy
Waianae, HI

Burstyn & Associates Business Consultants Inc
(808) 661-3961
991 Limahana Pl Ste H4
Lahaina, HI

H & R Block
(808) 935-2799
910 Honoapiilani Hwy Ste 11
Lahaina, HI

Hutchinson Paul M
(808) 244-7902
24 Market St
Lahaina, HI

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

Charito Pascual-Delgado

(808) 487-8771
98-030 Hekaha St Ste 6
Aiea, HI

Read more about Common Business tax mistakes

- Mistakes Made In Beginning Of Business Hawaii

Consultants, coaches, accountants, engineers, and other solopreneurs starting a service business, make common mistakes that cost them to be ineffective with their resources. In turn, these mistakes bring on a slow, frustrating success.

- Avoiding Online Marketing Mistakes Hawaii
- Common Hiring Mistakes Hawaii
- How To Open A Tanning Salon Hawaii
- Top Six Pricing Mistakes Hawaii
- Business Card Printing Guide Hawaii
- Using The Right Form Of Energy Hawaii
- Common Hiring Mistakes Hawaii
- Common Startup Mistakes Hawaii
- Running A B&B Business Hawaii

Regional Articles

- Avoiding Online Marketing Mistakes Hawaii

You have just entered into "The Twilight Zone." No! What I meant to say is, "The Online Marketing Zone!" This zone is for those who have the entrepreneurial spirit, that craving desire to be successful, and that one belief that the business you now own is designed just for you. In this zone all questions will be answered perfectly and lifetime goals will be achieved. This zone is exactly what you have been looking for. Or is it? Be careful! You may be entering into a zone that some marketers inevitably find themselves in where consequences have not been considered. Avoid these three common mistakes that online marketers make.

- Top Six Pricing Mistakes Hawaii
- Business Card Printing Guide Hawaii
- How To Open A Tanning Salon Hawaii
- Common Hiring Mistakes Hawaii
- Running A B&B Business Hawaii
- Mistakes Made In Beginning Of Business Hawaii
- Common Startup Mistakes Hawaii
- Using The Right Form Of Energy Hawaii
- Common Hiring Mistakes Hawaii

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