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Post-tax season tips

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  • Post-tax season tips

    If you used a paid preparer for your tax filing, be sure to check that you weren't accidentally required to pay an ACA tax penalty. This is one area that is easy to be overlooked and simply forgetting to check the box on pg 2, line 61 will cause a penalty to automatically calculate, which is then added to your balance due (or reduces your refund). With all of the other taxes on page 2, this line is easy to overlook, especially if you already pay a lot of tax.

    Which brings up another thought - before your preparer efiles, you should always be given a draft copy of your return, which you should carefully review. The 8879 you sign giving your preparer permission to efile states:

    "Under penalties of perjury, I declare that I have examined a copy of my electronic individual income tax return and accompanying schedules and statements for the tax year ending December 31, 2015, and to the best of my knowledge and belief, it is true, correct, and complete."

    Tax season can get a little crazy and preparers do not always take the time (or forget) to print a draft copy and ask you to review it before getting your signed release to efile. Never forget that you bear the burden of filing a correct income tax return, even though you may be paying another to prepare it.

    I realize that we are "post" tax season (except for extensions) and you all probably know ALL of this stuff, but I've seen firsthand how easy it is for things that matter to be overlooked and cost you extra money. Maybe this information will help someone!
    Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087