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You are here: Home / Business & Real Estate / Top 7 List for Tax Time

Top 7 List for Tax Time

March 15, 2016 by Russell Kost, CPA

Tax TipsAs covered in the Publisher’s Desk, the month of March holds a distinct identity for a number of reasons and for a variety of people. One group of detail-oriented individuals were left out, however, and those folks are accountants. Probably not too surprising to the practical math whizzes of the business world that they would be forgotten, however still a significant misstep, because after all IT’S TAX SEASON!

Everyone has their busy moments in their profession. These compartments of time can vary depending on the job. Food service professionals/restaurateurs have breakfast, lunch, and dinner rushes daily. Sales specialists are accountable to predetermined goals that make their lives hectic toward the end of the month. Professionals in the retail industry have the holidays and the dreaded Black Friday. Pretty much everyone who earns a paycheck can relate to being extremely busy for a distinct period of time. The sometimes-thankless and forgotten pencil pushers of the tax world often get overlooked during their time of calculated chaos. If you happen to spot an accountant during tax season, consider yourself lucky, maybe even stop as you cruise home from work and play the lottery. Snap a photo and post it to Facebook because this breed of humans is as easy to locate during the months of March and April as Bigfoot, or the even more rare Chupacabra.

Running only on late night coffee and Chinese take-out, Nonahood News was lucky enough to spot an accountant in the Moss Park Publix parking lot recently, wrangle him down to the ground, and force some tax-time words of wisdom from him. Below is what he offered:

Do you prepare your tax return yourself? If so, don’t make these mistakes. Here are the top 7 tax return errors I see from those who DIY their tax returns:

  1. Number transposition and spelling errors. This includes income and deduction amount, Social Security numbers, addresses, and ZIP codes.
  2. Unreported 1099 income. This can be for self-employment income or when selling stock and other securities.
  3. Tax payments: reporting incorrect or unpaid amounts of tax you paid for the year.
  4. Not resolving any previous IRS correspondence. It will likely hold up the processing of your 2015 tax return.
  5. Not reporting that you can sign or control a foreign bank account.
  6. Improperly depreciating rental property.
  7. Thinking that an extension extends the tax due date. An extension just buys you more time to file your tax return. Your tax (the money owed) is still due on April 15. Interest and penalties will accrue after that date.

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Filed Under: Business & Real Estate Tagged With: Business, Taxes

About Russell Kost, CPA

Russ Kost graduated with a bachelor's degree in Accounting from Western Washington University in Bellingham and has broad corporate and client experience. He supports the firm as a senior accountant providing financial leadership, tax preparation and accounting services. Over the past 25 years, Russ has worked for Grays Harbor Housing Authority, Jackson Hewitt, Symetra Investment Services, Safeco Mutual Funds, the City of Bellevue and Virginia Mason in senior level capacities. Russ is a CPA and is also certified as a QuickBooks ProAdvisor.

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