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STRATEGIC ISSUES...ONLINE
For week of January 26,
2007, Issue #293
Featured Articles:
1. Check
the Year-End Information Forms You Receive
2. Tech Tip
Weekly:
If you would
like to have further information on any of these
articles, let us know.
We would appreciate receiving your comments and/or suggestions, anytime!
acarroll@pmcpa.com
We would appreciate receiving your comments and/or suggestions, anytime!
acarroll@pmcpa.com
1. Check
the Year-End Information Forms You Receive
At the end of
January, you will be receiving your information
forms for 2006. These are the W-2s and 1099s you
receive from employers, banks, and brokerage houses
reporting wages, interest, dividends, and other
types of income.
You should review
these forms carefully before you file your tax
return. Mistakes are more common than you might
think.
-Check that the
numbers looks reasonable. Compare information on
the returns to year-end bank or brokerage statements
or to your year-end pay stub.
-Check that the
name and social security number are correct.
-Make sure you know
what the information return is for and whether it is
yours or not. In rare cases, forms can be issued to
the wrong people.
It's important to
check the accuracy of the forms you receive because
the IRS will computer-match the information on these
returns to the numbers you put on your tax return.
If you find a
mistake or think you have received an information
form in error, don't ignore it. Immediately contact
the issuer and ask them to issue a corrected Form
1099 or W-2. The IRS should receive a copy of the
correction, and you'll avoid a red flag on your tax
return.
2. Tech Tip
Weekly: Vista is Here!
With Windows Vista, Microsoft has finally made the
leap to the 21st century. Its release five and a
half years after Windows XP hints at the amount of
work that went into overhauling Microsoft’s previous
offerings.
Should you upgrade? Well, if your computer can pass Vista’s stringent requirement tests, it’s worth considering. Vista offers improved security, performance and a more streamlined interface that might just make you enjoy using your computer a little more. But you might find that not everything else in your computer will work with it. Several companies that offer software for XP have not yet released Vista-compatible drivers… meaning, some of your software won’t work. Before you switch, check the websites of your antivirus, diagnostic and other important software companies to make sure they’re as ready for Vista as you are.
Should you upgrade? Well, if your computer can pass Vista’s stringent requirement tests, it’s worth considering. Vista offers improved security, performance and a more streamlined interface that might just make you enjoy using your computer a little more. But you might find that not everything else in your computer will work with it. Several companies that offer software for XP have not yet released Vista-compatible drivers… meaning, some of your software won’t work. Before you switch, check the websites of your antivirus, diagnostic and other important software companies to make sure they’re as ready for Vista as you are.
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