Here are a few tax mistakes you should try and avoid this tax season:
- Grammatical errors – Make sure your name is spelled correctly and that you used the correct Social Security Number.
- Taking the Wrong Education Write-off – Always consider whether an education credit or the tuition and fees deduction would be more beneficial for you.
- Investments – Double and triple check your cost basis in investments when reporting a gain or a loss.
- IRA Contributions – Do not forget to report your contributions to a traditional IRA.
- Home Office – If you have a home office, you may be able to deduct some of those expenses using the home office deduction.
- Overlooking Donations – Try to remember every place that you donated money to, especially since some charities are now emailing receipts instead of printing them out.
- Deductions for Items in Front of You – Don’t forget to deduct any tax preparation fees, financial advisor fees, and safety deposit box fees.
If you need assistance with your tax situation, contact our law office at
816-524-4949 or www.Hoorfarlaw.com.