Accounting News and Notes

Guidance on Preparing Your Personal Tax Return/IRS Form 1040

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

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3. Gwinnett CPA Firm Presents Preparing the Georgia S Corporation Income Tax Return (Form K-1)
4. Where to File Addresses for Individual Taxpayers Filing Form 1040
5. Atlanta/Norcross/Alpharetta/Lawrenceville CPA…Good Tax Answers Fast…Working on Your Personal Income Taxes

This entry was posted on Thursday, April 14th, 2011 at 10:54 am and is filed under Business Loans & Money Management, Business/Tax Consulting, Corporate & Personal Income Taxes.
Tags: Atlanta Bookkeeping, Atlanta Financial Statements, Atlanta Part-time Virtual CFO, Atlanta/Gwinnett CPA, Claimed Itemized Deductions, Dependents, Filing Status, How Long Should I Save Tax Records?, Personal Income Tax Returns, Top Mistakes Taxpayers Make. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.