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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 10-6
Mistake #10: Filing Late
"I forgot" is not a valid excuse. Taxes are due April 15th.
Instead of not filing a return, file a "Form 4868, Application for Automatic Extension for Time to File U.S. Individual Income Tax Return." This must be filed by April 17th and gives you until October 17th to file your return.
Mistake #9: Not Filing At All
This is called tax evasion. It leads to stiff penalties and even jail time.
Some notable tax evaders in the past include:
- Martha Stewart: Forced to pay $220,000 in back taxes, served 6 months in prison
- Wesley Snipes: Charged with $17 in back taxes, sentenced to 3 years in prison,
- Willie Nelson: Forced to pay $16.7 million in back taxes
MISTAKE #8: Failing to Report Additional Income
Did you work a side job this year? If so, you should have received a Form 1099-MISC for those extra earnings.
What about savings and investment accounts? You should have received a Form 1099-INT and Form 1099-DIV.
The IRS knows how much extra you made in extra wages or investment income, so don't leave these off your return!
MISTAKE #7 Tax Returns Missing A Social Security Number
A missing or incorrect social security number is one of the most common IRS tax return errors.
Including your social security number is also crucial to claiming several tax credits, including educational expenses and dependent care costs.
MISTAKE #6 Failing To Keep Copies of Your Old Returns
Keep copies of your old returns just in case.
Tip: Print them out and put them in a folder.
We'll reveal the top 5 mistakes made when filing taxes tomorrow. In the meantime, click below to learn how to start taking back your wealth from the greedy hands of the government.
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