Are you still scrambling to finish up your taxes on time? or did you file for an extension?
In your rush to file on time – make sure that you don’t make one of these common (and easily avoidable) mistakes!
First – here are some of the documents and information you’ll need:
Last year’s tax return
Your social security card and official business docs
All your tax documents from 2021
Your bank account information
Now grab your tax return for this year and double-check these 7 common mistakes:
(𝟭) 𝗜𝘀 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝘀𝗽𝗲𝗹𝗹𝗲𝗱 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗹𝘆?
(𝟮) 𝗗𝗼 𝗮𝗹𝗹 𝘁𝗵𝗲 𝗻𝘂𝗺𝗯𝗲𝗿𝘀 𝗺𝗮𝘁𝗰𝗵?
Make sure your numbers on your tax return match the numbers on your 2021 tax documents
(𝟯) 𝗔𝗿𝗲 𝗮𝗹𝗹 𝗺𝘆 𝗜𝗗 𝗻𝘂𝗺𝗯𝗲𝗿𝘀 𝘄𝗿𝗶𝘁𝘁𝗲𝗻 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗹𝘆?
Think SSN, bank account numbers, etc.
(𝟰) 𝗜𝘀 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝘀𝗶𝗴𝗻𝗲𝗱?
(𝟱) 𝗜𝘀 𝘁𝗵𝗲 𝗺𝗮𝘁𝗵 𝗰𝗼𝗿𝗿𝗲𝗰𝘁?
Don’t skip over this one, even if you used auto-calculating tax software – !
(𝟲) 𝗜𝘀 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗶𝗻 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝘀𝗽𝗼𝘁?
(𝟳) 𝗗𝗶𝗱 𝗜 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗹𝘆 𝗰𝗮𝗹𝗰𝘂𝗹𝗮𝘁𝗲 𝗺𝘆 𝗰𝗿𝗲𝗱𝗶𝘁𝘀 + 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀?
If you double-check those 7 things, you’ll be protecting yourself from some of the most common mistakes.
And if wanna go beyond this short post and do a little more detailed reading on this, I attached a helpful article from Forbes in the comments below
The 9 Most Common Tax Filing Mistakes And How To Avoid Them (forbes.com)
Now – what about you? Have you already filed your taxes – or are you still finishing them up with an extension?
And, of course, if you feel overwhelmed and have any questions about your business finances – then just reach out.
www.chooseabacus.com • info@chooseabacus.com • (352) 432-8104
Kerry Postel – Founder CEO Principal
Abacus Business Solutions
Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.
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