The article discusses the common tax filing mistakes in the U.S. that can affect tax liability or delay return processing. It cites that all required schedules and forms must be attached to Form 1040 with the use of the Attachment Sequence Number. It notes that taxpayers who worked two or ...
We all make mistakes, and with tax complexities all around, some of the basics can easily get overlooked, resulting in errors on your tax returns. Having an experienced tax professional can make all the difference! Read moreRead less
It’s easy to make a mistake, but saying your sorry is rarely enough to satisfy the IRS. Small businesses can innocently make tax mistakes that wind up racking up steep penalties, able to bruise or even bust their much-worked-for bottom line. Want to avoid the most common oopsies? Here...
Some corporate taxpayers fail to maintain business records.This tax filing slip-up is common in individuals, sole-proprietors, and corporate taxpayers. In this regard, proper maintenance of supporting documents that will substantiate all filed claims must be taken seriously. For businesses, claims mus...
Many Americans unknowingly make mistakes when filing their taxes. To avoid common mistakes when filing your taxes, tax-filing software is a great tool to use. In fact, e-filing may be one of the most accurate ways to file your taxes. However, even with software guidelines in place, it’...
3 common mistakes when it comes to filing taxes ByAlexis Krystina, CPA·January 8, 2021 Here's the big secret: there are no secrets. Some accountants will claim that they know tax-saving secrets, but the reality is that there aren't any. Which is good because it's dangerous for busines...
Six Military Tax Mistakes to Avoid Not Updating Address with IRS or other Tax Authorities. Typically the address the IRS has on file is the one that is on your last tax return. With frequent moves, service members and military families shouldupdate the addresson file to ensure no correspondenc...
Here are some common mistakes made by those who prepare their own taxes. Making these can sometimes end up costing a taxpayer money or delaying a refund. Choosing the Wrong Filing Status A taxpayer's filing status can affect the dollar value of some of his or her credits as well as claime...
5. Filing and paying taxes late Of all the critical tax mistakes to avoid, this one could actually cost you the most. If you file your taxes late‚ even if you file for an extension‚ you face penalties and fees that can stack up startlingly fast. If you're unable to pay at tax...
Many people put off filing their taxes until the last minute. Filing in a rush can result in mistakes that could delay your tax return, cause interest to accrue on taxes left owed, or trigger an audit. Here are some tips to help you get your tax return in on time and error free. ...