Most Common Mistakes in Preparing Tax Returns

These are some of the most common mistakes in preparing tax returns:

Personal Tax Returns

• Not taking a Child Tax Credit
• Missing ad valorem on cars
• IRA contributions
• Student loan interest
• Charitable activities mileage
• Married filing separately if one has high medical and charitable

Business Tax Returns

• Section 179 direct expense election
• Retirement Plan contributions includes extension time
• Recording business mileage on personal cars
• Cell phone adjustment for personal use
• Proper Documentation for Meals and Entertainment
• Credit card charges on personal credit cards not recorded
• Making Sub-S Election timely
• Paying payroll to owners of Sub-S Corporations