1. Incorrect Social Security numbers. This is especially true as
concerns dependents.
2. Incorrect bank and financial account numbers. Applies to all
reportable financial statements used in the return.
3. Overlooking charitable contributions. Please remember to
document ALL cash contributions to charities and
Churches.
4. Missing deductions on tax breaks. Try to itemize first, then
take the standard deduction if you must.
5. Make Work Pay Credit. This is new. Single working filers
receive $400, married filing joint receive $800, only one spouse
needs to work!!
6. Not reporting stimulus payment. This mainly applies to people
receiving Social Security, Service Disability and other Government
paid 'pensions'. The problem arises around the $250 disbursed in
May/June 2009.
7. Overstating medical expenses. Medical deductions are deductible
only for those medical expenses in excess of 7.5% of
AGI. These are 'unreimbursed' out-of-pocket
expenses.
8. Paying unemployment benefit taxes. For 2009 the first $2400 of
unemployment benefits are tax-free.
9. Not taking advantage of the IRA deduction. Talk to your preparer
or banker about this benefit.
10. Forgetting to sign your return!!!!!
Any one or all of these may 'flag' your return and/or cause it to be delayed. Some of these are 'audit triggers'.
Original article from 'USA TODAY' 03-31-2010 by Sandra Block
MORE TAX HELP >>: IMPORTANT TAX SCAM INFORMATION!
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