Avoid These 5 Common Tax Mistakes
These 5 errors can save you THOUSANDS!
1. THE BIGGEST MISTAKE IS OBVIOUSLY WAITING UNTIL THE LAST MINUTE DEADLINE!
3 out of 4 Americans will receive refunds this year and the average refund is $3,000. The difference this year from others is that the IRS will be holding back on issuing the refund checks right away. They are doing more verification, so if you get your taxes done the right way and right away - you will be all taken care of and with a refund check in your hands before anyone else is even getting started! if you have received your employer documents, let us help you today!
2. ARE YOU STILL FILING TAXES THE OLD-FASHIONED WAY?
About 30 percent of Americans still file taxes on paper instead of electronically. That not only slows down the refund process, but it also means you can’t as easily check your math, spelling, and other simple errors. The cost of filing electronically shouldn’t get in the way of taxpayers; an alliance between the IRS and tax software companies means that anyone earning less than $57,000 can file electronically for free, using name-brand software. ALL YOU GOTTA DO IS ASK.
3. DON'T FORGET ABOUT YOUR LIFESTYLE CHANGES DURING THE YEAR.
Changing living arrangements, from new children to divorces to adult children moving back home, can have a major impact on tax filing status. Choosing the wrong filing status can lead to overpaying (or underpaying) taxes. Anyone with a complicated situation, such as sharing custody of an elderly parent with siblings, might want to check with a tax professional to make sure they claim the proper status and expenses.
4. DEDUCTING TOO MANY OR NOT ENOUGH EXPENSES!
If you run your own business it is highly recommended that you use a software tool that can verify the numbers and entries. If you have a certified accountant or bookkeeper like is Perla at Blue Pearl Tax Services, your chances of being audited are reduced compared to you completing the forms yourself. Especially if you are like most owners who cannot keep up with expenses during the year. As a homeowner and employee, you should really talk to an expert to try to save you as much as possible! Call me today for a free consultation!
5. FORGETTING TO PAY FOR PREVIOUSLY DEFERRED TAXES!
Have you converted a traditional individual retirement account into a Roth IRA in 2016? You will need to pay part of the deferred tax now (and the rest next year). Similarly, those who received the first-time homebuyer’s credit need to now pay back part of the credit, which the IRS essentially treats as an interest-free loan.
Share this with your friends and family:
We are in prime tax season and this means that you can finally get some of that TAX money back! My team and I are all certified and expertly trained to maximize your Income Tax Return and handle any business bookkeeping needs. I am a seasoned expert with many years of experience.
Hi! I'm Perla Diaz, your El Paso preferred Tax Preparer, let me help you too.
DON'T MAKE THESE OR ANY OTHER MISTAKES THIS YEAR!
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