All Topics > Business Services > Common Business tax mistakes >

Common Business tax mistakes Montana

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

Campbell and Associates,CPAs
406-728-9288
2505 S Russell
Missoula, MT

Complete Accounting Services
(406) 468-0102
Cascade, MT

Gary Kasper & Company Inc
(406) 467-2410
411 Central
Fairfield, MT

Strom & Associates PC
(406) 252-2765
3203 3rd Ave N
Billings, MT

Iverson Dwaine J CPA
(406) 424-5272
2nd Line
Shelby, MT

Wynne Thomas J CPA
(406) 752-1435
1845 US Highway 93 S
Kalispell, MT

Hergesheimer David CPA
(406) 756-6593
541 1st Ave W
Kalispell, MT

Armstrong Ken CPA
(406) 752-5509
Kalispell, MT

Robert M Wilcox Assoc
(406) 522-0085
Bozeman, MT

Cornell Stanely P CPA PC
(406) 222-5956
207 W Callender St
Livingston, MT

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

Campbell and Associates,CPAs

406-728-9288
2505 S Russell
Missoula, MT

Read more about Common Business tax mistakes

- Business Card Printing Guide Montana

Your business card is often the way that you make a first impression. This nifty tool helps you to keep in contact with potential clients and current ones, and it can give them useful information about your business. However, if you take a look at the average business card, then you will see that many of them suffer from poor designs. Often, these come from businesses who attempt to design business cards themselves or who utilize the services of a company that offers to print their cards for free.

- Top Six Pricing Mistakes Montana
- Common Hiring Mistakes Montana
- Running A B&B Business Montana
- How To Open A Tanning Salon Montana
- Mistakes Made In Beginning Of Business Montana
- Using The Right Form Of Energy Montana
- Avoiding Online Marketing Mistakes Montana
- Common Startup Mistakes Montana
- Common Hiring Mistakes Montana

Regional Articles

- Common Business tax mistakes Billings MT
- Common Business tax mistakes Bozeman MT
- Common Business tax mistakes Butte MT
- Common Business tax mistakes Great Falls MT
- Common Business tax mistakes Helena MT
- Common Business tax mistakes Kalispell MT
- Common Business tax mistakes Missoula MT

- Business Card Printing Guide Montana

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