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PERSONAL INCOME TAX MISTAKES

February 22 2011 • by Andrea Rodrigues • Budgeting, Retirement


Today’s money tip discusses frequent mistakes many individuals make when filing their personal income taxes. These simple errors might seem inconsequential, but can end up substantially hurting your refund. First, be sure to report all of your income. This includes freelance work and investment earnings. This information is reported to the IRS and overlooking it could end up with serious consequences. if you claim charitable contribution deductions, be sure to include receipts for each donation verifying the date, contribution amount and the name of the nonprofit organization. And while it sounds basic, math mistakes are actually one of the leading reasons the IRS adjusts returns. any adjustments the IRS has to make will only delay your return. Finally, remember that the IRS will not even process returns that omit a signature, date or social security number. Take your time when filing your taxes, make sure you’ve followed the IRS guidelines perfectly and if necessary, consult a tax professional. One small mistake could be costly.