subject: Common solution for the tax-preparation problems [print this page] There are some potential risks for the use of data from Quicken as the sole source for all taxable income and tax information is a deductible expense. This does not mean it should not use Quicken, simply means that you pay attention, you can automate the process must be blind.
The differences between the records and your comments
When it comes to your tax return, one of the things that the processors only consider whether the informationYields have reached with their return. Comparing the W-2) information from your employer (or employers who writes the wages, salaries, tips, etc. on-line and compared the 1099-INT and 1099 OID corresponding statements Almost all those concerned, and has paid on your 1040 or Schedule B. Annex B (sum of dividends and interest, if large amounts of both.)
The difference between whatone of these observations and show what he writes in a line with a timetable for his return, it is almost certain to trigger a review of his testimony. In this case, the IRS will, in a letter requesting an explanation for the discrepancy. It is therefore necessary to review their files to determine if the number of his statement was true or what was the number of votes, the more likely it is good. Then you mustto correct the error.
This sequence of events shows a possible location of "hot spots". Quicken, you can collect their taxable income and, in some cases for the tax-deductible. But perhaps it is simply that there is no specific source of income for tax deductible expenses or numbers, you must complete your tax return. If this happens, it makes more sense to use this additional resource for preparing your tax return. andeven if you can not write data from another source into Quicken, you make a mistake of data entry in May.
For this reason, it is easier and more accurate on their wages and salaries received information from the company submitted W-2, and earn interest and dividends for an amount of 1099 comments of his agent or the preparation of a bank.
Temporary differences
Another possibility, error refers to differences in time zones. You may be required to report to a particular itemIncome or the deduction of certain expenses in a year, even if they had exchanged information into a Quicken register until a year later. For example, if you need a partner in a company, you are, you have taxable income a portion of the benefits achieved in one year, but paid the following year. Or, if you invested in a long-term certificates of deposit (CDs), could be asked to declare the interest income earned for the year. (The sender can send a CD1099-OID his tax return the interest).
