Dog Days of Summer

Dog Days of Summer, That Means Extended Tax Deadlines are Coming, Give Yourself Time to Avoid These Common Mistakes, SFS Tax and Accounting Services, tired dog, hot dog, brick paved streets

That Means Extended Tax Deadlines are Coming! Give Yourself Time to Avoid These Common Mistakes

Air conditioners everywhere are feeling the strain. It’s the steamy dog days of Summer and deadlines are coming up fast.

We are a little over 10 weeks to the extended deadline for 2017 individual tax returns.

Businesses have until September 15th, or only about six weeks, to get their returns in.

You need to give yourself plenty of time to prepare your return – or to have it prepared by a professional – as well as time to review it in detail.

Mistakes happen!

 

Recently the IRS advised that taxpayers who filed for an extension should make sure they file accurate returns.

Here are four errors that you should pay special attention to:

Misspelled names

Not just yours, which hopefully you have down by now, but your spouse’s and your dependents’ as well.

 If you had a name change during the year but haven’t filed it with Social Security, use your old name.

Why?

The IRS uses your Social Security number to match with the first four letters of your last name. If it doesn’t match, your return will be rejected.

Missing or Inaccurate Social Security numbers

Again, don’t just check yours. Check everyone’s information that is listed on the return. The IRS can’t guess… they go with what you type in. Just one wrong or transposed number can cause a problem.

 Just ask John Spottiswood, who input the wrong Social Security number for one of his dependents via Turbo Tax back in 2013.

The return was rejected… and Spottiswood didn’t see the lone email which informed him of the rejection. Instead, he discovered the problem 18 months later when he logged back into the software.

By that time, it was too late… he had already accumulated an estimated $200,000 in interest and penalties on that tax debt.

Incorrect Bank Account Numbers

The last thing you want is your return going into the wrong bank account… or your refund getting delayed.

Again, watch out for those typos!

 

Errors of Omission

Be careful to include ALL of your income in your tax return.

Some folks leave out income from 1099s – which can trigger not only a bigger tax bill but interest and penalties as well.

Remember, the IRS gets mailed all the same forms that you do. They will know if something was omitted.

When in doubt, consult with an Enrolled Agent (EA). An EA can ensure that you end up with an accurate return – and the highest refund (or the lowest tax debt) as well.

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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax Problem Services as well as an Enrolled Agent a Certified Tax Resolution Specialist.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and ebook on https://Amazon.com
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For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/
For more on SFS Tax & Accounting Services, visit https://sfstaxacct.com/
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738 Colorado Avenue Stuart, FL 34994
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Phone: 772-337-1040
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https://twitter.com/SFSTax/
https://linkedin.com/company/sfs-tax-problem-solutions
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