CPAs offer 10 reminders for tax time

CPAs

offer 10 reminders for tax time

Many people spend

their income tax refund - at least mentally - well in

advance of its arrival. If you can't wait to buy that new

DVD player or book that mini-vacation, you'll want to be

sure that a mistake doesn't delay the IRS' processing of

your return.

The

following reminders, courtesy of the Georgia Society of

CPAs, will help to ensure a timely refund check if the

IRS owes you.

1. Check

your return and schedules for mathematical errors.

Transposed numbers or incorrectly totaled columns can

cause significant delays in processing returns.

2. Include

the correct Social Security number for you, your spouse,

and your dependents. The IRS computer matches names and

numbers and automatically kicks out tax returns with

discrepancies. Worse yet, the IRS can deny a personal

exemption, as well as the child tax credit and dependent

care credit if you file your return without correct

Social Security numbers for your dependents or care

providers.

3. Use the

pre-printed, peel-off mailing label the IRS provides with

the forms package you receive in the mail. The label

includes information designed to help speed the

processing of your tax return. Verify the information for

accuracy and make necessary corrections on the label.

4. If you

are age 65 or over, or if you are blind, be sure that you

consider claiming the additional standard deduction you

might be allowed.

5. Choose

the right filing status. In certain situations, married

couples who file as married filing separately can lower

the family's overall tax bill. If you are single and

support a dependent, check to see if you qualify for the

lower tax rates available to a head of household or a

surviving spouse.

6. Be sure

to attach to your return all Form W-2s, and any 1099s

showing federal income tax withheld.

7. Verify

that you have claimed all eligible dependents. If you

provide more than half of the support of a parent, you

may be able to claim the parent as a dependent even if he

or she does not live with you.

8. Check

your 1998 tax return for items such as capital losses

that exceeded the $3,000 limit, excess charitable

deductions, and excess investment interest expense that

you can carry over and claim on this year's return.

9. When you

take another job during the year, your new employer

begins withholding Social Security taxes as if you had

paid none at all. If you worked for more than one

employer during 1999, you may be eligible to claim a

credit for any overpaid Social Security taxes.

10. Be sure

that you properly document any charitable donations.

Under current law, you must have a written

acknowledgement from any charity to which you contributed

$250 or more.

The GSCPA

is the premier professional organization for CPAs in the

state of Georgia. For information, check out the GSCPA

web site at www.gscpa.org .