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| Taxes |
| Tax Tips |
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| Individual Tax Information |
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| Tax Forms You Need |
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7 Things You Should Know about
This Year's New Confusing Tax Laws! |
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If you think tax laws were confusing in the past, wait until you see the laws passed by
Congress that go into effect this tax season! Filing an accurate tax return will be more
challenging than ever and if you are thinking about preparing your tax return yourself: think again.
If you are thinking of preparing your 2003 Income tax returns by hand: Forget it!
Unfortunately, it gets worse.
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Remember the Earned Income Credit? New complicated tax laws including the new earned income credit
change will probably prevent many people
from receiving tax refunds from the government which are supposed to be theirs!
Do yourself a favor, read the following secrets before Filing Your Tax Return This Year! |
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The Most Common Errors Taxpayers Make When Preparing Their Tax Returns
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- Math Errors
Most of these are returns that were prepared by hand so this one can be corrected easily.
File your tax return on a computer generated form. This increases accuracy and lowers your chances of an audit.
- Incorrect Social Security Number(s)
Seems simple right? Well this is problem area number 2. If your Social Security Number or your spouse's Social
Security Number is incorrect there is a good chance your return will be rejected. If your dependents' Social Security
Numbers are incorrect you will probably be denied an exemption for them and your tax liability will be increased or your refund reduced.
- Claiming Incorrect Dependents
There are so many rules relative to whom you may or may not claim as a
dependent that many people get this one wrong. For example, did you forget to claim an elderly parent lived in your home last year?
Do you truly understand what a qualified dependent is when claiming head of household? If you are unsure read the
"Personal Exemptions & Dependent" sections in your federal tax booklet.
- The Earned Income Credit
The IRS really checks returns claiming this credit because this is a fertile area for taxpayer fraud.
More importantly, however, the calculation is complicated and there are many ways that allow you
to qualify for some form of this credit that you probably do not know about.
- New Child Tax Credits. I defy you to correctly calculate these forms
These forms are extremely complicated and most taxpayers will need a computer program just to get the math calculations correct.
They may be difficult, but it is important to get this calculation correct because this credit reduces your tax liability dollar for dollar.
- Will I be audited?
There is always a chance that your return will be audited. If you want to reduce your chances, file the return electronically because
these returns are rarely reviewed by IRS agents for audit.
- File By the April 15th Deadline Whether you have the money or not
Filing your taxes on time and paying SOMETHING is better than filing a tax return AFTER April 15th!
While it is true you will still owe money to the federal government, you will not have to pay the late filing penalty!
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Want To reduce Your Tax Worries? Hire Us to Professionally
Prepare and File Your Tax Returns This Year
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