When it comes to preparing tax returns, many taxpayers
are guilty of making mistakes that can create more significant issues with the IRS during an audit. The best way to ensure an error-free process is to get tax preparation services in Weston.
Tax preparation refers to the process of preparing tax returns
for compensation for someone other than the taxpayer. Unless you’re willing to enlist the help of a professional, you should be aware of the most common errors that typically result in higher tax liability.
Common Tax Preparation Mistakes
Getting the Wrong Due Date
If the due date for individual returns falls on a Saturday, Sunday, or legal holiday, doing it no later than the next day that isn’t a Saturday, Sunday, or legal holiday is considered timely.
Likewise, the due date for filing a tax return is typically delayed if the IRS office where you’re supposed to file a return is located in a state that observes a statewide legal holiday. Although a statewide legal holiday also delays the due date for individual residents filing a return, it doesn’t delay a due date for making federal tax deposits.
Giving Incorrect Information
Tax-related information that includes SSNs, EINs, retirement account numbers, bank account numbers, and last names of recently married or divorced individuals should be verified. Unless you’re willing to run the risk of making errors that fuel suspicion of false returns, it’s best to check if you’re submitting correct information.
Did you know that mathematical errors fuel suspicion of filing false returns to increase refund amount or reduce tax liability
? For this reason, be sure to double-check the calculations you report on your returns. While you’re at it, remember to use parenthesis or brackets when you report negative amounts instead of using the minus symbol.
Looking for Tax Preparation Services in Weston?
The team of professionals at TaxCPA1
is committed to providing high-quality service for what you want, need, and deserve. We’ve been helping people save thousands of dollars on their taxes for nearly two decades. Get in touch with us today to learn more about what we can do for you.