Double Check Your Tax Return

Most people don’t want have the inclination or time to learn everything about filing their taxes like Frugal Babe (although I am the same and want to do it myself, too) and feel more comfortable trusting a “professional”.  However, even if you have someone else do your taxes, it is important to take a few minutes and make sure everything is correct.  Miranda from Financial Highway has Top 10 Common Filing Mistakes which you can use as a guide to double check your tax return and make sure everything is good to go.

In 2007, for the first time ever, I had a tax professional do our taxes. It was because Mr. A had started a side business that year and I wasn’t sure how to go about doing our tax return.  Mr. A’s mother and sister use the same accountant, so we decided to give him a try.

He finished up our taxes and sent them over for me to have a look at them, and I caught more than one mistake.  Of course this made me even more wary of having someone else do our taxes.

This year, an acquaintance of mine who has used the same tax lady  for the past twenty years called me all excited about her tax refund. She said she was getting back $4000. She said she never got that much back before, but she wasn’t going to complain!  I thought it was a little unusual, but thought maybe her circumstances had changed quite a bit.  Since my friend is an accountant herself, I assumed she looked over the tax returns to make sure everything was correct. Unfortunately, as it turns out, her accountant had missed one of her 1099-MISC forms! Whoops!

Had my friend gone over her tax papers before she signed them, she would have avoided this problem. Instead she signed the papers and got them right in the mail. Well, the very next day her accountant called to let her know about the mistake.  Uh-oh.  Too late!

Now come to find out she owes $879.00. She’s still waiting to see if the IRS will find the mistake or whether she’ll get $4000 deposited into her account, only to have to return it.

Be sure to double check everything on your tax forms, whether you do them yourself, or trust a professional.

Are your 2009 taxes done?

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