Tax Tips

According to the IRS over 17% of all returns prepared by hand have errors on them. TaxQue can prepare your return and help you avoid these costly errors… find a location near you.

The Ten Most Common Errors…

Making Math Errors

Plain ol´ bad math is one of the most common mistakes on a tax return. Mistakes in arithmetic or in transferring figures from one form to another will get you an immediate correction notice. Math errors can make you think you owe more than you really do and you will end up over-paying your taxes. Using TaxQue virtually eliminates these kind of errors.
No Social Security Numbers

The IRS uses your social security number as an identification number.

There are many transactions — income statements, savings account interest, retirement plan contributions – that are referenced with this number. Using TaxQue eliminates this mistake – we double check your social security number and make sure that it is included in the appropriate place on each form.
Not Signing and Dating your Return

Believe it or not, it is very common for taxpayers to forget to sign and date their return. Form 1040 is not considered a valid tax return unless you sign it. If you use TaxQue´s qualified preparers have procedures in place that ensure all the details are complete before your return is mailed in.
Missing Interest and Dividends

The IRS knows the interest you made and the dividends that were paid to you because your Social Security number is on your bank and investment accounts. If you forget to include this income on your return, the IRS examiners will surely remind you that taxes are due on it.
Forgetting Charitable Contributions

Taxpayers forget that all types of donations – cash, clothing, household items and even cars – can be valuable tax deductions.

Different types of contributions have different IRS reporting requirements. Your TaxQue preparer will help walk you though your charitable contributions to ensure that they are all accounted for and filed properly.
Using the wrong Investment Basis

Calculating capital gains on stocks and mutual funds involves several complicated steps, but one critical step is to properly figure what your stocks cost you — their basis — before you sold them. If your investment paid dividends or capital gains distributions that you reinvested in the stock or fund, you paid tax on them in the year they were earned. These amounts should be added to your cost basis to ensure that you don´t double pay Uncle Sam tax money when you sell them.
Using the EZ Form

It is common for taxpayers to prepare and file a 1040EZ just because it´s so much faster to fill out. Many taxpayers have the potential of getting a bigger refund if they use the 1040 Long form. When you come to TaxQue, we make sure to use the form that gets you the biggest refund while making sure you are in complete compliance with IRS regulations.
Not Bunching Deductions

Many deductions – such as medical costs, miscellaneous expenses — are allowed only if you reach a certain amount. So you might want to shift, or bunch, some of those costs into one tax year to take advantage. This can be as simple as paying professional magazine subscriptions before year end or opting to pay for an elective medical procedure in a tax year when you´re near the deductibility requirements.
Missing Tax Credits

Tax credits can save you a lot of money. There are many tax credits available, including ones for education costs, child and dependent care expenses and the earned income credit that could totally erase a tax bill and even give lower-salaried taxpayers a refund. TaxQue preparers check for all available credits and makes sure that you get the tax credits you deserve.
Using the Wrong Tax Rate

Tax tables are a little confusing and it is common for taxpayers to misread these tables and use the wrong tax rate to calculate tax liabilities. This is even more common if you receive dividend income or sell stocks or bonds. When TaxQue prepares your return, you are guaranteed that the right tax rate is used.