Lawrenceville/Snellville/Norcross CPA on Keeping Your Tax Returns Simple
Lawrenceville/Snellville/Norcross CPA on Keeping Your Tax Returns Simple
Pay Only Your Lowest Legal Possible Tax
The first page of Form 1040 is used to calculate the taxpayer’s adjusted gross income. While many people think of their income as what is reported on form W-2, there are some other additions (and possibly some deductions) that have to be made as well. Itemizing deductions on your personal return can result in paying a smaller tax. However the rules on what can be deducted and what can’t are fairly strict. Using a guide/CPA and a tax checklist are your first step to ensuring that an accurate fair and just return and to ensure that you pay only your lowest legal possible tax. Below is letter we might utilize to help a client ensure their returns are both complete and correct:
To complete your return I need for you to use the tax form I have on the contact page of my website to reflect your corporate data and make the below changes.
You did not show the $40K of Gross Wages on your recap that is on your personal W-2.
You did not show the beginning checkbook balance off of last year’s tax return of $7,000.
Please be sure to show your year-end checkbook balance while being sure that deposits plus beginning cash less expenditures equals the year end checkbook balance.
Please list the Tax you paid if payroll taxes as payroll taxes, otherwise please identify as to what it is.
Please put bank charges into office supplies. Keeping your chart of accounts current, up to date and usable are essential to good business & tax management.
There is no need to give me totals by individual month, just the totals for the year.
ASAP after I get the above I will complete the returns.
Please note I still need your husband’s W-2’s and copies of your cash contributions/tithing statements.
Personal Income Tax Returns 101: Understanding the Basics
Top Mistakes Taxpayers Make
Avoidance of these common mistakes will greatly assist you in the proper preparation of your tax return, will help you avoid unnecessary IRS tax penalties and interest, and help you keep your tax bill as low as legally possible. See http://www.hiscpa.com/tax-top-ten.html
Determining Filing Status and Dependents
The first step in filing your personal Federal tax return is to determine your correct filing status and the number of deductions you can claim. It sounds simple, but it can make a difference in the amount of tax you pay. Visit http://www.hiscpa.com/personal-returns.html
Determining Your Adjusted Gross Income (AGI)
The first page of Form 1040 is used to calculate the taxpayer’s adjusted gross income. While many people think of their income as what is reported on form W-2, there are some other additions (and possibly some deductions) that have to be made as well. See http://www.hiscpa.com/agi.html
Claiming Itemized Deductions on Your Tax Return
Itemizing deductions on your personal return can result in paying a smaller tax. However the rules on what can be deducted and what can’t are fairly strict. Use this guide to determine what’s deductible. See http://www.hiscpa.com/itemized-deductions.html
How Long Should I Save Tax Records?
Lift up the veil and discover how long and what types of records you should retain and for how long are often the point of consternation for many taxpayers. Learn what you need to keep so that you are never unduly surprised if ever asked to reproduce documents. Visit http://www.hiscpa.com/tax-records.html
John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ http://www.john-dillard.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304
His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits
Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!
We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping
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