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!