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Today’s tax preparation rules and requirements are growing more complicated and the rules on deductions are rapidly changing. Many errors on self-prepared tax returns have to do with mathematical mistakes, improper calculations or innocent omissions that cause major headaches.
As a result, more taxpayers are requesting professional accountants to prepare their tax returns than ever before to help them navigate through the challenges.
The kinds of errors that CPAs see most often on self-prepared tax returns include math mistakes and improperly calculated deductions. IRS auditors list the top mistakes they find on self-prepared tax returns as:
- Computation errors in figuring taxable income
- Computation errors on withholding and estimated tax payments
- Incorrect tax entered based on taxable income and filing status
- Math Errors: Both addition and subtraction
- Improper calculation of the amount and type of deductions
- Improper claims for non-qualifying deductions
- Missing and/or improperly used forms
Here at McRuer CPAs, it’s typical for us to be asked to step in after an individual receives a notice from the IRS regarding an error or several errors on their self-prepared income tax returns. These mistakes can cause a tax audit for a taxpayer, and may result in interest and penalties.
Having a CPA on your team may help avoid common pitfalls as well as provide the taxpayer updated information on deductions and tax credits that may save the taxpayer money.
Part of what we do at McRuer CPAs is fix “I-did-it-myself” tax returns. Then we guide a taxpayer through proper tax planning, so that the tax preparation time results in few surprises.
If your tax preparation needs have grown more complicated, consider calling us or a trusted CPA near you to enlist the help of a professional so that you will end up paying only the taxes you owe.
