Posts Tagged ‘Mistakes’

Avoid a couple of “Mistakes” which many tax payers commit every year

Tuesday, February 18th, 2014

receipts for income taxt prep
Mistake #1: Just because you are not required to file a tax return due to low income, you may be missing out on a refundable EIC, or Earned Income Credit. It can be substantial and net you a significant refund from IRS.

Mistake #2: Many tax payers do not keep track of their activities which can impact what they owe the government. Often times people opt for the Standard Deduction when, in reality, they have enough medical expenses and charitable contributions which would make itemizing more favorable to them.

The moral is: Get receipts for all of your medical expenses. If the total exceeds 10% of gross income, they are deductible. Also get receipts for charitable contributions, both cash and non-cash from the non-profits you support.

Talk to your tax man or tax woman. A reasonable professional will not charge you for a brief consultation which could save a client money. That’s what we are here to do!

Mistake #1: Just because you are not required to file a tax return due to low income, you may be missing out on a refundable EIC, or Earned Income Credit. It can be substantial and net you a significant refund from IRS.

Mistake #2: Many tax payers do not keep track of their activities which can impact what they owe the government. Often times people opt for the Standard Deduction when, in reality, they have enough medical expenses and charitable contributions which would make itemizing more favorable to them.

The moral is: Get receipts for all of your medical expenses. If the total exceeds 10% of gross income, they are deductible. Also get receipts for charitable contributions, both cash and non-cash from the non-profits you support.

Talk to your tax man or tax woman. A reasonable professional will not charge you for a brief consultation which could save a client money. That’s what we are here to do!

Mistake #1: Just because you are not required to file a tax return due to low income, you may be missing out on a refundable EIC, or Earned Income Credit. It can be substantial and net you a significant refund from IRS.

Mistake #2: Many tax payers do not keep track of their activities which can impact what they owe the government. Often times people opt for the Standard Deduction when, in reality, they have enough medical expenses and charitable contributions which would make itemizing more favorable to them.

The moral is: Get receipts for all of your medical expenses. If the total exceeds 10% of gross income, they are deductible. Also get receipts for charitable contributions, both cash and non-cash from the non-profits you support.

Talk to your tax man or tax woman. A reasonable professional will not charge you for a brief consultation which could save a client money. That’s what we are here to do!

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