Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: MONDAY, April 12, 1993 TAG: 9304100020
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
HERE'S WHAT THE EXPERTS SAY
Here are some last-minute tips for taxpayers from members of the Roanoke chapter of the Virginia Society of Certified Public Accountants:
Make sure that all attachments and supporting documents are mailed with your return. You want your return to go through without anybody looking at it. Every time someone looks at it, there's a chance of an audit, and somebody will look at your return if an attachment is missing. James B. Taney of Anderson & Reed
Invest the maximum amount allowable in your Individual Retirement Accounts; 1992 contributions made by April 15, 1993, are deductible on your 1992 return. Robert K. Flynn of Foti, Flynn, Lowen & Co.
If you are self-employed or a stockholder of an S Corporation, you can deduct 25 percent of your health insurance premiums if you paid them in the first six months of 1992. There is a proposal to extend this and, if it passes, you can go back and amend your return to deduct other premiums. But you cannot take this deduction if you are covered by a qualified health plan anywhere else. Melinda T. Chitwood of Brown, Edwards & Co.
If you made more than $100,000 last year and had a state tax refund, you do not have to pay tax on the entire refund. That's because some of your deductions were phased out. Use worksheet 525 to determine which part of the refund is taxable. Gary Duerk of Brown, Edwards & Co.
Keep adequate records this year; plan as you go along. Clients who keep good records find that it helps them. Then you can hope to avoid any big shockers. Kenneth L. Prickitt of Young & Prickitt
Get professional help. Virtually every major decision throughout the year - buying a house, getting married, signing a contract - has tax ramifications. Inform your CPA before you take the action because often we hear about it too late. And don't forget to send this year's return by certified mail with return receipt requested. Martha K. Gilmore of McLeod & Co.
Keep abreast of 1993 tax changes proposed by President Clinton. David P. Lucas of Lucas, Boatwright & Associates
You need to pay attention to changes in tax law throughout the year as part of President Clinton's economic package. Also watch the state tax law. Then engage in some tax planning before the end of 1993. Reid Ammen of Budd, Ammen & Co.
Hold onto your wallets for next year. Make sure that you keep your ear to the ground on tax changes. Become fully educated before the end of the year as whether to shift income and deductions. J. Patrick Budd of Budd, Ammen & Co.