TOP TEN: If you’re in that last-minute tax frenzy, here are some
things to consider when preparing your 2006 federal and state
returns. (You might want to prepare a checklist.)[neWLine]

The National Society of Accountants identified these “”Top Ten
Mistakes”” that taxpayers make:[neWLine]

* Using the wrong column in the tax table. For each level of
income, tax rates listed in the tax table are usually different for
taxpayers who are single, married filing jointly, married filing
separately, and heads of households. It can be easy to pull a
number from the wrong column.[neWLine]

* Not claiming the right number of exemptions. Children count as
exemptions up to age 23 – make sure they are claimed on the return
as exemptions with the current exemption amount, which often
increases year-to-year.[neWLine]

* Not adding state income tax refunds as taxable income. It’s
easy to forget the state tax return refund you got last year.
Remember that this counts as taxable income on your federal return
if you itemized last year.[neWLine]

* Not being aware of tax credits. The federal government offers
many tax credits, including earned income, energy, education, fuel,
elderly, child care, child tax, and foreign tax credits.ðMany
states offer renters’ credits. Take advantage of these if they
apply to you.[neWLine]

* Not calculating and comparing the Alternative Minimum Tax.
Every taxpayer must calculate this alternative tax to see if it
applies to their situation. Failure to do so could result in
additional taxes and penalties.[neWLine]

* Not claiming a refund of excess FICA (Social Security) tax. If
you changed employers in 2006 and earned more than $94,200 (the
2006 income limit that applies to FICA tax) the employers together
may have withheld more FICA than you owe. Make sure you calculate
this and claim a refund if appropriate.[neWLine]

* Not attaching W-2 forms and other forms. This common mistake
is easy to make, so double check to make sure they are
included.[neWLine]

* Not entering Social Security numbers on all tax documents. In
addition to the main return, documents such as Schedule A and other
tax schedules should all have complete information, including
Social Security numbers.[neWLine]

* Not signing the return. After all the calculations, don’t
forget this important step![neWLine]

* Not enclosing the check for any payment owed. Yes, you must
write a check if you owe money. Don’t forget to include it!