Published since 2005. San Francisco is a city that belongs to the people of the world. Hence this blog has a global focus. The name "Sam Spade's San Francisco" refers to an exciting era in the City's history, the time of Dashiell Hammett's fictional gumshoe and San Francisco character, Sam Spade. My name is Tom Dunn and I edit the blog. I'm not as exciting as Sam Spade, but I am definitely a San Francisco character.Contact or on Twitter -- Search blog below.
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Tuesday, April 03, 2007
Don't Make These Tax Return Mistakes!
Welcome to April, the month when all of us, like it or not, have to deal with the federal government and submit our tax returns to the IRS.
Given the number of individual and corporate tax returns filed each year in this country, it should come as no surprise that mistakes are made. Some mistakes are made by the IRS, but the vast majority of them are made by taxpayers. So, make sure you're not adding to the confusion with your own mistakes.
Most mistakes made by taxpayers are simple and common ... so simple people don't pay attention to them and, as result, they make even more mistakes.
Here are some ways to avoid common tax return errors:
* File electronically. If you choose to e-file, many of the common errors are avoided or corrected by the computer software. If your income is under $52,000, you may be able to e-file for free using IRS Free File.
* Use the peel-off label if you choose to mail a paper return. You may line through and make necessary corrections right on the label. Be sure to fill in your Social Security number in the box provided on the return. If you do not have a peel-off label, fill in all requested information clearly, including the Social Security numbers.
* Check only one filing status on the tax return and check the appropriate exemption boxes. Enter the correct Social Security numbers for each of those exemptions.
* Use the correct Tax Table column for your filing status.
* Double check all figures on the return. Math errors are common mistakes.
* Make sure that the financial institution routing and account numbers you have entered on the return for a direct deposit of your refund are accurate. Incorrect numbers can cause the refund to be delayed or misdirected.
* Sign and date the return. If filing a joint return, both spouses must sign and date the return.
* Attach all Forms W-2, Wage and Tax Statement, and other forms that reflect tax withheld to the front of the return. Attach all other necessary forms and schedules.
* Remember to request the Telephone Excise Tax Refund. Don’t short-change yourself. Most households are eligible for a special, one-time only Telephone Tax Refund, typically between $30-$60, that you can request on your 2006 tax return.
* Do you owe tax? If so, enclose a check or money order made payable to the “United States Treasury” and Form 1040-V, Payment Voucher, if used. Or, you may choose to pay by credit card by contacting one of the credit card service providers.
For a complete checklist and a listing of some of the most common errors, seeTax Topic 303, Checklist of Common Errors When Preparing Your Tax Return, on the IRS Web site or call the IRS TeleTax number, . The IRS Web site also has information aboute-file,Free File and the Telephone Tax Refund.
If you have some past years for which you have not filed tax returns, or if you owe either the feds or the state more in past taxes than you can afford to pay, then the right level of professional for you is a Tax Attorney. Tax laws change each year and only a law firm is properly trained and professionally skilled to handle past tax year issues. A tax attorney is also the correct professioanl to consult when you find yourself owing more to the IRS or to the State of California Franchise Tax Board than you can afford. If you find yourself in this position contact a tax attorney immediately.
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