Common Tax Mistakes To Know If You Haven’t Filed Yet

The following is a guest post by Matt Robinson, a tax accountant at Tax Debt Help, LLC. Matt’s firm specializes in providing help with tax debt for State and Federal taxes.

When filing your taxes this year you should be aware of some of the most common tax mistakes that people make. Making even one error can cause you a larger tax bill, a smaller return, a delay in your refund or set you up for a dreaded IRS audit. Before sending in your returns make sure to check for the following:ย 

Math Errors
Double and triple check your math. While more and more people are using tax preparation software that automatically does this for you, surprisingly a good number of people are still filing their taxes the old fashioned way onpaper. One of the most common mistakes people make when filing their taxes is in the math.

Personal Information
Make sure you have entered the correct social security numbers, the correct address and correct filing status. Believe it or not some people will even forget to fill in this information all together. Incorrect or missing information can cause a huge delay in your return.

Refund Information
If you are receiving a refund and opt to have your money directly deposited into your account, make sure you have the correct account and routing number. Being just one number off can cause you a huge headache.

All Required Documentation
Make sure that you have included with your return all required documentation like your W-2โ€™s and 1099โ€™s. If the IRS cannot verify your information they will not be able to process your return. Along with this always make surethat you have back up documentation for all deductions and credits you are claiming.

Deductions and Credits
Take the time to know what deductions and credits you are entitled to. Every year tax payers miss millions of dollars in deductions that they have a right to. Some of the most common ones that are missed are children and other dependents, child care, student loan and tuition deductions, moving expenses and alimony or child support payments.

Charitable Contributions
Be careful when it comes to your charitable contribution deductions. While it is important to take the deductions that you are entitled to, this area is often abused and can be a red flag for tax audits. Make sure you only claim charitable contributions that went to legitimate organizations that are tax exempt. Also be careful in calculating the amount of charitable donations like clothing and household items. New regulations require that theseitems are in good or better condition. Make sure you always get a receipt and do not claim anything you do not have a receipt for. If you donate any one item with a value over $200.00 you will need the charitable organizationto write you a letter.

Income Reporting
Double check and make sure you have reported all of your income. Failure to report all of your income can be a costly mistake that you will want to avoid. Make sure you include all earnings even those you did not receive a 1099 for.

Business Deductions
If you own a business be careful about your business deductions. Make sure you claim only expenses that are ordinary and necessary for your business. Also, if you plan to write off mileage for you business, make sure you havea mileage log for the year with accurate documentation. Finally, keep a copy of your return and documentation of all deductions. If you are audited you will want to have all this information ready and available at your fingertips.

67 Responses to Common Tax Mistakes To Know If You Haven’t Filed Yet
  1. Health and Fitness
    April 19, 2018 | 7:28 pm

    We’re a group of volunteers and starting a new scheme in our community. Your web site offered us with valuable information to work on. You’ve done a formidable job and our entire community will be thankful to you.

  2. News
    April 19, 2018 | 11:28 pm

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  3. Health and Fitness
    April 20, 2018 | 12:14 am

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  4. Health and Fitness
    April 20, 2018 | 12:31 am

    Hello. magnificent job. I did not expect this. This is a remarkable story. Thanks!

  5. Health and Fitness
    April 20, 2018 | 1:21 am

    Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something. I think that you could do with some pics to drive the message home a little bit, but instead of that, this is fantastic blog. A great read. I will definitely be back.

  6. Watergarden Science
    April 20, 2018 | 2:59 am

    I do not even know how I ended up here, but I thought this post was good. I do not know who you are but certainly you are going to a famous blogger if you aren’t already ๐Ÿ˜‰ Cheers!

  7. Job Training
    April 20, 2018 | 3:00 am

    Wow, incredible blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your web site is fantastic, as well as the content!

  8. Parquet Flooring
    April 20, 2018 | 3:01 am

    I’ve been absent for a while, but now I remember why I used to love this site. Thank you, I will try and check back more often. How frequently you update your website?

  9. Computer Repairing Website
    April 20, 2018 | 3:06 am

    You made some clear points there. I did a search on the subject and found most individuals will go along with with your site.

  10. Health and Fitness
    April 20, 2018 | 6:37 am

    certainly like your website however you have to test the spelling on quite a few of your posts. A number of them are rife with spelling issues and I to find it very troublesome to inform the reality then again I will certainly come again again.

  11. Health and Fitness
    April 20, 2018 | 7:06 am

    I think this is one of the most vital information for me. And i’m glad reading your article. But want to remark on few general things, The site style is wonderful, the articles is really great : D. Good job, cheers

  12. News
    April 20, 2018 | 11:36 am

    Thank you for the sensible critique. Me and my neighbor were just preparing to do a little research about this. We got a grab a book from our area library but I think I learned more clear from this post. I am very glad to see such magnificent info being shared freely out there.

  13. Health and Fitness
    April 20, 2018 | 2:22 pm

    Excellent blog here! Also your site loads up very fast! What web host are you using? Can I get your affiliate link to your host? I wish my website loaded up as fast as yours lol

  14. Health and Fitness
    April 20, 2018 | 7:05 pm

    Simply wish to say your article is as amazing. The clarity in your post is simply spectacular and i could assume you are an expert on this subject. Fine with your permission allow me to grab your RSS feed to keep up to date with forthcoming post. Thanks a million and please carry on the gratifying work.

  15. Health and Fitness
    April 20, 2018 | 10:26 pm

    Real nice design and style and superb articles , nothing at all else we require : D.

  16. News
    April 20, 2018 | 10:58 pm

    I simply couldn’t go away your website before suggesting that I actually enjoyed the standard information an individual provide to your visitors? Is going to be back frequently to check up on new posts.

  17. Health and Fitness
    April 21, 2018 | 1:22 am

    Thank you, I’ve recently been searching for info approximately this subject for ages and yours is the greatest I have found out so far. But, what about the bottom line? Are you certain concerning the source?

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Trackback URL http://mynextbuck.com/common-tax-mistakes-to-know-if-you-havent-filed-yet/trackback/

Common Tax Mistakes To Know If You Haven’t Filed Yet

The following is a guest post by Matt Robinson, a tax accountant at Tax Debt Help, LLC. Matt’s firm specializes in providing help with tax debt for State and Federal taxes.

When filing your taxes this year you should be aware of some of the most common tax mistakes that people make. Making even one error can cause you a larger tax bill, a smaller return, a delay in your refund or set you up for a dreaded IRS audit. Before sending in your returns make sure to check for the following:ย 

Math Errors
Double and triple check your math. While more and more people are using tax preparation software that automatically does this for you, surprisingly a good number of people are still filing their taxes the old fashioned way onpaper. One of the most common mistakes people make when filing their taxes is in the math.

Personal Information
Make sure you have entered the correct social security numbers, the correct address and correct filing status. Believe it or not some people will even forget to fill in this information all together. Incorrect or missing information can cause a huge delay in your return.

Refund Information
If you are receiving a refund and opt to have your money directly deposited into your account, make sure you have the correct account and routing number. Being just one number off can cause you a huge headache.

All Required Documentation
Make sure that you have included with your return all required documentation like your W-2โ€™s and 1099โ€™s. If the IRS cannot verify your information they will not be able to process your return. Along with this always make surethat you have back up documentation for all deductions and credits you are claiming.

Deductions and Credits
Take the time to know what deductions and credits you are entitled to. Every year tax payers miss millions of dollars in deductions that they have a right to. Some of the most common ones that are missed are children and other dependents, child care, student loan and tuition deductions, moving expenses and alimony or child support payments.

Charitable Contributions
Be careful when it comes to your charitable contribution deductions. While it is important to take the deductions that you are entitled to, this area is often abused and can be a red flag for tax audits. Make sure you only claim charitable contributions that went to legitimate organizations that are tax exempt. Also be careful in calculating the amount of charitable donations like clothing and household items. New regulations require that theseitems are in good or better condition. Make sure you always get a receipt and do not claim anything you do not have a receipt for. If you donate any one item with a value over $200.00 you will need the charitable organizationto write you a letter.

Income Reporting
Double check and make sure you have reported all of your income. Failure to report all of your income can be a costly mistake that you will want to avoid. Make sure you include all earnings even those you did not receive a 1099 for.

Business Deductions
If you own a business be careful about your business deductions. Make sure you claim only expenses that are ordinary and necessary for your business. Also, if you plan to write off mileage for you business, make sure you havea mileage log for the year with accurate documentation. Finally, keep a copy of your return and documentation of all deductions. If you are audited you will want to have all this information ready and available at your fingertips.

67 Responses to Common Tax Mistakes To Know If You Haven’t Filed Yet
  1. Health and Fitness
    April 19, 2018 | 7:28 pm

    We’re a group of volunteers and starting a new scheme in our community. Your web site offered us with valuable information to work on. You’ve done a formidable job and our entire community will be thankful to you.

  2. News
    April 19, 2018 | 11:28 pm

    I am glad for writing to make you understand of the perfect experience our princess undergone browsing your site. She realized many details, which included what it’s like to possess an amazing coaching heart to let folks quite simply grasp specific impossible topics. You really exceeded my expected results. Thanks for offering these powerful, trustworthy, edifying and in addition fun guidance on your topic to Jane.

  3. Health and Fitness
    April 20, 2018 | 12:14 am

    I conceive you have observed some very interesting points , regards for the post.

  4. Health and Fitness
    April 20, 2018 | 12:31 am

    Hello. magnificent job. I did not expect this. This is a remarkable story. Thanks!

  5. Health and Fitness
    April 20, 2018 | 1:21 am

    Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something. I think that you could do with some pics to drive the message home a little bit, but instead of that, this is fantastic blog. A great read. I will definitely be back.

  6. Watergarden Science
    April 20, 2018 | 2:59 am

    I do not even know how I ended up here, but I thought this post was good. I do not know who you are but certainly you are going to a famous blogger if you aren’t already ๐Ÿ˜‰ Cheers!

  7. Job Training
    April 20, 2018 | 3:00 am

    Wow, incredible blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your web site is fantastic, as well as the content!

  8. Parquet Flooring
    April 20, 2018 | 3:01 am

    I’ve been absent for a while, but now I remember why I used to love this site. Thank you, I will try and check back more often. How frequently you update your website?

  9. Computer Repairing Website
    April 20, 2018 | 3:06 am

    You made some clear points there. I did a search on the subject and found most individuals will go along with with your site.

  10. Health and Fitness
    April 20, 2018 | 6:37 am

    certainly like your website however you have to test the spelling on quite a few of your posts. A number of them are rife with spelling issues and I to find it very troublesome to inform the reality then again I will certainly come again again.

  11. Health and Fitness
    April 20, 2018 | 7:06 am

    I think this is one of the most vital information for me. And i’m glad reading your article. But want to remark on few general things, The site style is wonderful, the articles is really great : D. Good job, cheers

  12. News
    April 20, 2018 | 11:36 am

    Thank you for the sensible critique. Me and my neighbor were just preparing to do a little research about this. We got a grab a book from our area library but I think I learned more clear from this post. I am very glad to see such magnificent info being shared freely out there.

  13. Health and Fitness
    April 20, 2018 | 2:22 pm

    Excellent blog here! Also your site loads up very fast! What web host are you using? Can I get your affiliate link to your host? I wish my website loaded up as fast as yours lol

  14. Health and Fitness
    April 20, 2018 | 7:05 pm

    Simply wish to say your article is as amazing. The clarity in your post is simply spectacular and i could assume you are an expert on this subject. Fine with your permission allow me to grab your RSS feed to keep up to date with forthcoming post. Thanks a million and please carry on the gratifying work.

  15. Health and Fitness
    April 20, 2018 | 10:26 pm

    Real nice design and style and superb articles , nothing at all else we require : D.

  16. News
    April 20, 2018 | 10:58 pm

    I simply couldn’t go away your website before suggesting that I actually enjoyed the standard information an individual provide to your visitors? Is going to be back frequently to check up on new posts.

  17. Health and Fitness
    April 21, 2018 | 1:22 am

    Thank you, I’ve recently been searching for info approximately this subject for ages and yours is the greatest I have found out so far. But, what about the bottom line? Are you certain concerning the source?

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/common-tax-mistakes-to-know-if-you-havent-filed-yet/trackback/