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Rate reduction credit tops list of tax return errors.(Brief Article)
Whether or not you pay someone else to prepare your taxes, the IRS can hold you responsible for the amount of income and the number of deductions you claim on your tax return. Keep in mind that even experienced accountants occasionally make mistakes. What types of mistakes should you watch for? The IRS recently released a list of the top 10 errors that paid preparers made on the 2001 Form 1040:
1. The rate reduction credit was not claimed. (The IRS computed it.)
2. The rate reduction credit was claimed when it shouldn't have been. (The credit was not allowed, because the taxpayer received the maximum amount in 2001 or reported no taxable income.)
3. …
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