Just the thought of tax season can be extremely overwhelming. With so many variables to consider, it’s pretty common to make mistakes when you’re filing your claim. Here is a list of the Top 5 Mistakes that are commonly made and some tips for how to avoid them:
- Procrastinating: The last day to file your taxes for 2016 is Monday, April 18th. Waiting until the last minute to file could put you at a disadvantage if you end up needing more information to complete them or accidentally let the day pass you by. Don’t procrastinate, get them done.
- Poor Organization: Not having your paperwork organized when you sit down to complete your taxes could make your job even more frustrating than it should be. Take the time to organize your documents and try to set up a system to keep them organized all year round.
- Claiming the Wrong Things: Not having a clear understanding of what to claim and what not to claim could be a costly mistake. Make sure you have taken the time to figure out exactly what you should and should not be claiming for the year.
- Forgetting Subsidies: There are many subsidies available that are benefits for certain individuals and can result in a huge tax reduction. Make sure you take advantage of every subsidy you qualify for so you don’t miss out on these opportunities to save.
- Getting involved with a scam: Be aware of scammers if you’re getting help with your taxes. There are many scams on the market to steal your identification information. Ensure whoever you decide to work with is a trusted company.
Don’t makes these mistakes. A great way to avoid all of these taxpayer pitfalls is to get a free tax consultation from Nationwide Tax Solutions, we’re here to help.