Top 10 Tax Mistakes to Avoid -- Part 2
http://dailyreckoning.com
Making errors on your taxes could end up costing you a larger tax bill or a smaller refund. Tax mistakes can also lead to penalty fees or a delay in receiving your refund. Save yourself money and keep the IRS off your back by avoiding these 10 common tax mistakes.
Full video transcript below.
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Full video transcript:
Mistakes 5-1
Mistake #5: Losing Receipts
The IRS will not accept credit card statements in lieu of an original receipt. Keep your receipts somewhere safe, or scan them into your computer for safekeeping.
Tip: Hang onto receipts for at least 7 years. The IRS can audit a return for up to three years from the filing date.
Mistake #4 Claiming Bogus Dependents
You cannot claim your pet! The maximum penalty for this is 3 years in prison and $250,000 in fines -- yet hundreds of people claim pets every year.
Mistake #3: Math Errors
Math mistakes could reduce your tax refund or cause you to pay more than you need to. Avoid getting an immediate correction notice, check and double check your math.
Mistake #2: Failing To Report Domestic Workers
Under current law, any family or individual who employs someone they pay more than $1,800 a year is considered an employer in the eyes of the IRS and is required to pay taxes for that employee.
One man, who employed a full-time live-in elderly caregiver for nine years without paying taxes, was subject to paying the government $90,000 in back taxes plus an additional $60,000 in penalties.
Mistake #1: Forgetting To Sign and Date
More than 1 million people forget to sign their return every year. The IRS will not process your return if it's missing your signature!
Click below to learn how to start taking back your wealth from the greedy hands of the government.
http://dailyreckoning.com/lfyoutubesignup
Видео Top 10 Tax Mistakes to Avoid -- Part 2 канала Daily Reckoning
Making errors on your taxes could end up costing you a larger tax bill or a smaller refund. Tax mistakes can also lead to penalty fees or a delay in receiving your refund. Save yourself money and keep the IRS off your back by avoiding these 10 common tax mistakes.
Full video transcript below.
Join the discussion! Sign up for the Daily Reckoning for FREE economic perspective, global market analysis, and contrarian investment ideas.
http://dailyreckoning.com/youtubesignup
Full video transcript:
Mistakes 5-1
Mistake #5: Losing Receipts
The IRS will not accept credit card statements in lieu of an original receipt. Keep your receipts somewhere safe, or scan them into your computer for safekeeping.
Tip: Hang onto receipts for at least 7 years. The IRS can audit a return for up to three years from the filing date.
Mistake #4 Claiming Bogus Dependents
You cannot claim your pet! The maximum penalty for this is 3 years in prison and $250,000 in fines -- yet hundreds of people claim pets every year.
Mistake #3: Math Errors
Math mistakes could reduce your tax refund or cause you to pay more than you need to. Avoid getting an immediate correction notice, check and double check your math.
Mistake #2: Failing To Report Domestic Workers
Under current law, any family or individual who employs someone they pay more than $1,800 a year is considered an employer in the eyes of the IRS and is required to pay taxes for that employee.
One man, who employed a full-time live-in elderly caregiver for nine years without paying taxes, was subject to paying the government $90,000 in back taxes plus an additional $60,000 in penalties.
Mistake #1: Forgetting To Sign and Date
More than 1 million people forget to sign their return every year. The IRS will not process your return if it's missing your signature!
Click below to learn how to start taking back your wealth from the greedy hands of the government.
http://dailyreckoning.com/lfyoutubesignup
Видео Top 10 Tax Mistakes to Avoid -- Part 2 канала Daily Reckoning
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