Tax season is upon us and CPAs agree that the most common mistakes are often avoidable in nature.
Some overlook deductions.
Some simply have the wrong filing status.
And others forget to sign their names.
For anyone who files their own tax return and who has scratched their head on any line item, an entire day of complimentary help awaits them.
The Westchester Chapter of The New York State Society of Certified Public Accountants in partnership with Eisman, Zucker, Klein & Ruttenberg L.L.P. in White Plains will present the annual Tax Hotline Day Feb. 19.
“The Westchester chapter has always tried to create some community involvement and this is one way of giving back to the community,” said Howard Klein, managing partner at EZKR and president of the Westchester chapter of NYSSCPA. “Taxes have become increasingly complicated and we can be sure of one thing ”“ Washington and Albany will find a way to make things more complicated. And not everybody can afford to hire somebody.”
Robert Winton, partner at leading accounting and tax-advisory services firm Citrin Cooperman & Co. in White Plains and New York City, and head of the hotline committee, said calls in years past “generally tilt more toward 1040 questions, but we do get some business questions.”
Last year”™s hotline received about 50 calls, but Winton would like to see that number doubled.
“We want our readers to feel comfortable taking part in this extraordinary, free service offered by professionals who are dedicating their Saturday to help people with the often tedious tax-filing process,” said Dee DelBello, publisher of the Westchester County Business Journal, media sponsor of the hotline.
“There might be questions that are too large or too complicated, but there are no questions that are too simple or too small,” Klein said. “That”™s what we”™re here for.”
Klein said this year, the rules for filing electronically have changed particularly on a state level, adding an additional barrier to filing one”™s own return.
Imminent change due to health care reform is another point of concern for individuals and business owners.
“The plan phases in over a number of years, so different provisions start kicking in in 2012, 2013 and 2014,” Winton said. “At this point, we don”™t know what is going to get repealed, what is going to stay and that is going to be huge for the next couple of years.”
One of the greatest challenges for an accountant, he said, is to stay abreast of changing legislation and tax law.
“You need to know what has been extended, what hasn”™t”¦ and you have to make sure you know exactly what they did pass.”
The best course of action for individuals and businesses is to consider their yearly filings as part of a “greater overall plan,” Klein said, and to avoid following the lead of another individual when filing your return.
“Everyone”™s tax situation is different,” Klein said. “We use the expression, ”˜Clients are like snowflakes”™ and what works for you might not necessarily work for someone else”™s situation.”
The hotline began 15 years ago as an annual program specific to NYSSCPA region. The tax hotline will take calls Feb. 19 from 9 to 11 a.m., 11 a.m. to 1 p.m. and 1 to 3 p.m.
The phone number is (914) 358-0754.
