All Topics > Business Services > Common Business tax mistakes >

Common Business tax mistakes Iowa

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

Farm Accounting Service
(563) 659-3294
610 9th St
De Witt, IA

Burdorf Edwin J CPA
(712) 852-2453
701 Superior St
Emmetsburg, IA

G. D. Greiner Lpa PC
(515) 232-7080
233 S Walnut Ave
Ames, IA

McClenathan Ken Accounting
(641) 753-5480
2305 Wakefield Dr
Marshalltown, IA

Godfrey Keith W-Business
(712) 362-2868
1724 Central Ave
Estherville, IA

Bloomingdale Tax & Accounting Service
(641) 324-1701
817 Central Ave
Northwood, IA

Hartz Ann M CPA
(515) 699-8596
309 Court Ave
Des Moines, IA

Sidney Tax & Accounting
(712) 374-2808
Northridge Shopping
Sidney, IA

A 1 Accounting & Tax Service
(641) 683-3139
101 S Market St
Ottumwa, IA

Bildstein Larry CPA
(319) 896-5400
311 3rd Ave SE
Cedar Rapids, IA

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.

Read more about Common Business tax mistakes

- Using The Right Form Of Energy Iowa

Are you using the right form of energy to grow your business? Are you having trouble growing your small business as fast as you want? If so, read this article and you will know how to use the right form of energy to run your business more smoothly.

- How To Open A Tanning Salon Iowa
- Common Startup Mistakes Iowa
- Common Hiring Mistakes Iowa
- Business Card Printing Guide Iowa
- Common Hiring Mistakes Iowa
- Avoiding Online Marketing Mistakes Iowa
- Running A B&B Business Iowa
- Top Six Pricing Mistakes Iowa
- Mistakes Made In Beginning Of Business Iowa

Regional Articles

- Mistakes Made In Beginning Of Business Iowa

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

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