CPAs Make Mistakes On Your Tax Returns And How To Avoid Errors

CPAs do make mistakes on tax returns inadvertently. Sometimes these errors are noticed by the IRS but often they do go unnoticed. 

Would you really trust your CPA or an investment adviser or a money manager with your life? If not, why would you trust them with your money?

How To Avoid Errors In Your Tax Returns Study the high-level details of what are the changes when a major tax change occurs; and identify in advance how it might impact you.

so you can validate that you have at least received some tax document from each of them.

Make sure you maintain a list of all your financial accounts

Handover your documents to your CPA in advance so you have adequate time to validate the returns before they are filed.

Validate your 1040 (usually if you have wages), Schedule E (rental) and Schedule C (business).

 Add up all your sources of income on the above 3 forms and make sure it is accurately reflected.

Make sure you take every possible deduction you are legally entitled. Often people are too worried about a potential audit and skip several eligible deductions.

While you are reviewing your current year tax returns; pay close attention to the deductions

Swipe Up to learn on CPAs Make Mistakes On Your Tax Returns And How To Avoid Errors

Stories

More

Why Residential Rental Property Investment Is No Longer A Good Idea

Saving Rate: How To Calculate It And 3 Ways To Increase It

12 Best States For Real Estate Investors And What Factors To Consider

See More

See More

See More