Just One Mistake on Your Tax Return Can Cost You Big Time! If There’s More Than One, OUCH!

By March 1, 2017 Blog

Just one of the mistakes that we are sharing with you below can cost you hundreds or thousands of dollars. Look them over, and if there is even a little question fluttering in the back of your mind that you might have missed these last year, call me. We’ll set up a time to do a quick review of your tax return. If there are no mistakes, I’ll give you a pat on the back and send you on your way. If we do find a mistake, I would love to help you.

So look over these mistakes, and if you feel that flutter, call us.

·         Are you self-employed but failed to see if claiming expenses for an office in home was appropriate?

·         Did you claim interest from U.S. government bonds on your federal tax return but fail to exclude that interest from your state return?

·         Did you pay taxes at the ordinary marginal tax rate on your dividends instead of at the lower 15% tax rate?

·         Did you fail to exclude the portion of your mutual fund dividends that relate to U.S. government bonds from your state return?

·         Did you fail to check whether you were eligible to make contributions to an IRA account to reduce taxable income?

·         If you used your automobile for volunteer charitable work, did you fail to claim a mileage deduction?

·         Did you fail to take advantage of the maximum exclusion of retirement income on your state return?

·         If you are over the age 70 ½, did you fail to take your required minimum distribution from your retirement accounts and subject yourself to severe penalties?

Wishing you a pain-free Tax season this year!

 

Leave a Reply