Business Tax Planning - Tax Return Accuracy Check List

CHECKING YOUR RETURN FOR ACCURACY

Have you ever received a letter from the IRS? It can be a heart-stopping experience. Have you ever felt that your tax bill was too high? Do a simple check of your return to avoid obvious errors.

Double-check all social security numbers for accuracy – this is the most common error according to the IRS.

Double-check your name and address for typographic errors – especially if you moved within the last year.

Make sure your name and social security number appear on each page of your return.

Make sure your return has been signed by the paid preparer.

Most importantly, do a side-by-side comparison of your 2006 and 2005 returns. Do this separately for each line.

Step 1: Identify significant differences.

Step 2: Then ask yourself why there is a difference.

Step 3: If you cannot answer "why", then ask your tax-preparer.

Do this separately for each schedule and each page of Form 1040.

ARIZONA RESIDENTS

MEDICAL EXPENSES - If you itemized, double-check to make sure your medical expenses are on page 2 of the Arizona return. Although medical expenses frequently do not impact the federal taxes, they are deductible in Arizona (if you itemize), regardless of the amount.

ADJUSTED GROSS INCOME - If you are a full-year Arizona resident, make sure Adjusted Gross Income from your federal return equals Federal Adjusted Gross Income on the Arizona return.

THIS LIST WILL HELP YOU IDENTIFY OBVIOUS ERRORS, BUT IS NOT INTENDED TO TAKE THE PLACE OF A PROFESSIONAL REVIEW.

TOPICS ARCHIVE
	The Telephone Excise Tax Refund
	Charitable Contributions
	Phishing
	Checking Your Return for Accuracy
	Do You Qualify for a Home Office Deduction?
	How am I Affected by the New Tax Laws?
TAX TOPICS
	School Tax Credit
	Charity Tax Credit
	Checking Your Tax Return for Accuracy
	Non-Cash Donations Deductions Guide (pdf)
CURRENT TOPIC