On average, people spend about nine hours completing their taxes, providing ample opportunities to make mistakes. And though errors are an inevitable part of life, the one time you really want to avoid them is on a tax return. So, now that tax season is underway, it may be helpful to know the most common mistakes people make on their taxes, so you can avoid them:
• Misspelling your name or those of dependents, or incorrect Social Security numbers
• Forgetting to report income or documentation.
• Taking inflated deductions for medical expenses, charitable gifts or your home office
The financial work you do now can lay the foundation for your overall wellness in 2024. Staying up to date with recent legislation and requirements can help you maximize your savings and keep more money in your pocket. The articles below aim to help you do just that.
Bulletproof Your Tax Return to Avoid Costly Mistakes and IRS Audits
Whole life insurance’s tax diversification benefits
Why do I owe taxes this year? 5 reasons you may not get a refund
There’s Still a Way to Double Your Retirement Tax Breaks Before Filing
Why Are Voters So Upset? Consider the Snickers Bar.
Use This Strategy to Recover from Your Next Mistake
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