| Our income tax preparation may be compiled and filed | | | | 2) Incorrect tax equivalent considered based on the |
| or by acquiring the services of professionals, with the | | | | individuals tax category and gross taxable income. |
| latter costing us for payment of their services. For | | | | Since taxes are based on the taxable income of an |
| those of us who would rather save those precious | | | | individual, a wrongly assessed gross salary may result |
| dollars in payment and redirect them to pay for the tax | | | | to a wrong taxation declaration and payment. The |
| itself, the chances of incurring errors and complications | | | | income tax preparation of individuals differs among |
| significantly rises. We would not want the IRS to come | | | | single and married taxpayers. It is wise to consult your |
| knocking at our doorstep for an audit. Being audited is | | | | local tax office for your profiling and tax bracketing or |
| very burdensome as it requires a lot of explaining and | | | | you may visit your local taxation offices' Website for |
| proving. Here are the top three income tax preparation | | | | more information. |
| errors which occur during tax filing. | | | | 3) Wrong entry field. As you fill up the seemingly |
| 1) Mathematical errors. Computational errors occur | | | | endless boxes and fields in income tax preparations, |
| during totaling of returns, salaries, exemptions, | | | | there is a big chance that human error and lapses |
| deductions, and summations of both cash in and | | | | occur, resulting to incorrect field entries, and eventually |
| outflow. Tax agencies are ever vigilant in checking the | | | | a call from the taxation office. Just like computing for |
| figures and numbers declared in your income tax | | | | the correct figures, make sure that the correct values |
| preparations as these should always be accounted | | | | are written and placed in the right field. |
| properly and balance out. Even a single dollar may | | | | These simple tips hopefully serve as awareness for |
| arouse suspicion of even more computational blunders | | | | avoidance of explaining with the local authorities left |
| of a higher amount. It would be wise to use a | | | | and right, and avoided being audited for suspicion of |
| computer or a calculator and recomputed the figures | | | | fraud, tax evasion, or simply just being careless. |
| three or fivefold to lessen chances of miscalculations. | | | | |