Efficient & Responsive | Experienced Accountants | Reasonable Fees | Individual Tax Services | Great Reputation | Personalized Accounting

Common Mistakes People Make When Filing Their Income Taxes

| Categories: Accounting Firm , Tax Accountants , Tax Planning

CPA Long Island

If you’ve filed your income tax returns within the deadline, the last thing you would want is an IRS audit. While an IRS audit is rare, it is possible if there are many errors in your returns. Mistakes are likely high if you file your taxes in a rush, are unaware of the tax filing procedure or the latest requirements, fail to hire a qualified tax preparer, and so on. To ensure error-free returns and avoid an unnecessary audit, Michael J. Berger and Co., CPA’s LLP has compiled a list of the most common mistakes people make when filing their income taxes.  

1. Fearing the IRS
Most people who do their own taxes are afraid of the IRS, and this causes them to make mistakes. They do not claim allowable deductions, they make math errors, or they just do not understand the tax code. As tax accountants, we work with these types of problems every day. 

2. Not writing off all business expenses 
Many small businesses fail to write off all of their expenses out of fear of an audit. As an accounting/ CPA firm, we know what you can deduct and what areas you need to work on. 

3. Presenting items in the wrong categories
Self-prepared business tax returns sometimes present items in the wrong categories. We know the right place to present expenses and deductions. 

4. Not complying with accounting standards
Self-prepared financial statements usually do not comply with accounting standards and get rejected by banks and lenders. 

If you’re filing tax returns on your own, keep in mind that the smallest of errors can cause an audit. As trusted tax accountants in Long Island, NY, at Michael J. Berger and Co., CPA’s LLP, we present items properly and can represent you before government agencies. 

Our experience is what makes the difference – We have been providing personalized and timely accounting and tax services to small and medium-sized businesses since 1978. 

When it comes to tax-related issues, our firm has the personnel and skill to resolve them. We can help you respond to incorrect notices, help you work out payment plans if you owe money, work with you to resolve other tax assessments by the IRS or your state, or help you with tax audits starting or in progress.

For a complete list of the services we provide, please click here. If you need help resolving a tax-related issue or an IRS problem, get in touch with us by clicking here