Common Tax Misconceptions And How To Avoid Them
Filing taxes is a complicated task, and it can be confusing figuring out what information to provide. There are several choices when determining your tax status, and it can also be hard to figure out what deductions to take. But taking the time to make sure your return is prepared properly can really pay off in the end. It greatly reduces your chance of an audit and your refund will likely be larger as well. On the other hand, if you are unable to avoid some common pitfalls, you might find yourself owing extra taxes come April 15th.
A report outlining some common tax mistakes has this to say about what to watch for and how you can avoid an error:
- Be sure the withholding from your paycheck is accurate, by claiming the proper number of dependents. Claiming too many dependents can result in too little taxes being withheld, which will lead to an underpayment of taxes.
- Be sure all the income you made, from all sources, is reported. This will ensure the taxable income figure shown on your tax return is correct and the tax liability assessed is in the right amount.
- Make sure the complex tax laws are applied properly to the unique facts of your case by partnering with a trained professional.
Not every mistake you make will spell disaster. Even when that is the case though, the time and effort required to unravel a tax misstep is enormous. Avoid unnecessary stress caused by dealing with taxing authorities by enlisting the assistance of a knowledgeable tax attorney. Let the professionals at Nielsen Law Group help you negotiate with the IRS. Call (480) 888-7111 or submit a web request here.