Thursday, 17 January 2008 10:14
Mistake on Tax Form Could Cost You Money
A mistake on a California tax form could cause thousands of taxpayers
to make an expensive error on their state tax returns. The
Franchise Tax Board announced Tuesday that an error on a printed California tax
form may lead some California taxpayers who file paper returns to understate
their home mortgage interest deductions. The typographical error is on early
versions of Schedule 540, California
Adjustments, which is used to adjust or claim federal itemized
deductions. The tax board is rushing to get corrected forms out to the public
and to let taxpayers know about the problem.