William A. Smith
8 Errors You’re Most Likely to Make on Your Tax Return
In our last post, we talked about the first four mistakes you might be making on your tax return. Let’s jump right into the other four – and remember, if you have any questions or would like to know more, be sure you contact Bill Smith, your IRS Tax Attorney in Dallas, Texas.
Retirement Related Errors
One of the more common mistakes people make on their returns is the reporting of the taxable amounts of their retirement plan or IRA distributions. Determining the taxable amount is even more complicated when nondeductible IRA’s are involved.
The Schedule-E is the schedule that is used to report the income of rental property, royalties, partnership income & expenses and estate income, as well. If you own rental property and aren’t familiar with terms like “suspended losses” and “property basis”, we recommend you contact someone like Bill Smith immediately, who will handle all of your IRS tax issues in a timely and efficient manner.
Waiting Too Long
This can be the biggest mistake of all, because it can create a sort of snowball effect; the rush to meet compliance in time can shift attention away from other addressing other issues and even cause you to miss out on opportunities you would have spotted otherwise. Remember, you can always ask for an extension. Doing so would likely be a more sensible course of action, as it would enable you to go back on deductions you may have overlooked or preparation mistakes you may have made.
Questions about how to file an extension? Contact Bill Smith, your Tax Attorney in the DFW area.
Not Filing a Return
While this probably goes without saying, not filing is still the biggest mistake you can make.
If you have additional questions about how to handle your upcoming return, be sure to Contact Bill Smith your IRS Tax Attorney in Dallas.your IRS Tax Attorney in Dallas.