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

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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?

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How To Avoid Errors In Your Tax Returns

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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.

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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.

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The limitations to SALT deductions, mortgage interest caps, changes in limits of standard deduction and Sec 199A were adequately covered in the press.

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Make sure you maintain a list of all your financial accounts so you can validate that you have at least received some tax document from each of them.

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Handover your documents to your CPA in advance so you have adequate time to validate the returns before they are filed. You can of course file an amendment but if possible, try to avoid it.

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

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

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.

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.

The limitations to SALT deductions, mortgage interest caps, changes in limits of standard deduction and Sec 199A were adequately covered in the press.

Make sure you maintain a list of all your financial accounts so you can validate that you have at least received some tax document from each of them.

Handover your documents to your CPA in advance so you have adequate time to validate the returns before they are filed. You can of course file an amendment but if possible, try to avoid it.

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