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• Most importantly, check your math. • Double-check that your social security number has been correctly written on the return. • Include your social security number on each page of the return so that, if a page is misplaced by the IRS, it can be reattached. • Check that you have claimed all of your dependents, such as elderly parents who may not live with you. • Include on the return the social security numbers for all dependents who were born on or after November 30, 1998. • If you are single and have a dependent who lives with you, check to see if you qualify for the lower tax rates available to a head of household or surviving spouse with a dependent child. • You may be eligible for the earned income credit if you do NOT file as married filing separately. If you have one qualifying child and your earned income and modified adjusted gross income for 2008 are less than $33,150 ($37,700 if you have more than one qualifying child), you may qualify. If you do not have a qualifying child, but are between the ages of 25 and 65, and your earned income for 2008 and modified adjusted gross income are less than $12,450, you may qualify as well. • If you are married, check to see if filing separate returns rather than a joint return is more beneficial. • Attach all Copy Bs of your W-2 forms to your return in order to avoid correspondence with the IRS. If you received a Form 1099-R showing Federal income tax withheld, attach copy B of that form as well. • You may be able to claim the additional standard deductions if you are blind or 65 years of age or older. • Be sure to sign your check and write your social security number, the form number, and the tax year on the face of any checks made out to the IRS. • Be sure that your Form W-2 and all 1099s are correct. If they're wrong, have them corrected as soon as possible so that the IRS's records agree with the amounts you show on your return. • If you worked for more than one employer, be sure to claim a credit for any overpaid social security taxes withheld from your wags. • If you received a state tax refund, make sure you have not included too much of your refund in your income. State tax refunds may not be taxable if you did not get a tax benefit from deducting them. If, for example, you used the standard deduction in the year in which the taxes were paid, you do not have to include the refund in income this year. • Deductible real property taxes should be distinguished from assessments paid for local benefits, such as repair of streets, sidewalks, sewers, curbs, gutters, and other improvements that tend to improve properties. Assessments of this type generally are not deductible. |
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E-Mail Halliday@hallidaycpa.com |
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This web page offers factual and up-to-date information on the subjects discussed, but should not be regarded as a complete analysis of these subjects. No party assumes liability for any loss or damage resulting from reliance or use of this material. |
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Common tax preparation errors |