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| *The Commerce Journal>>>Other Taxes |
Do I use whole dollar amounts when filing taxes? |
My wages were $1076.90...do I put in $1077 please help yes, you round up when the cents are .50 or higher, and round down when .49 and lower, and don't do anything if the cents are .00 Yes, that's right. You can either use cents, or round to nearest dollar. Either way, you have to be consistent. Most accountants use rounding, but I think this just makes the math more likely to come out right, and saves time. You don't have to use the whole dollar method when doing your taxes, but the IRS will anyway. 16 years experience in tax preparation and Enrolled Agent The IRS will round that number to $1,076 while their instructions tell you that you can use normal rounding which would be $1,077. In addition you have the issue of rounding all the numbers in a set or just the sum. I have found that any method is acceptable as long as you do it the same way all o the time. Almost of my audits come out a dollar or two off what the IRS comes up with because of rounding and they accept my answer. |
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