IRS Tax Blunders can cost you substantial money!

Five Common IRS Tax Mistakes to Avoid

irs tax mistakesIRS tax problems start with common IRS tax mistakes. Tax matters do not enter a person's thoughts until tax season, but should be regularly attended to. Mistakes are made as early as the beginning of the fiscal year or as late as the IRS deadline. In many cases, an IRS tax debt wouldn't exist if these mistakes had been avoided. While there are many pitfalls and errors that are overlooked, the following five IRS tax mistakes are still very common.

Do Any of These Mistakes Apply to You?

  1. Not making Estimated Quarterly IRS Tax Payments
  2. Sole proprietors, partners, S Corporation shareholders, or self-employed individuals should all make quarterly payments. Unlike W2 employees, no one is taking out taxes from your checks. If you need help figuring out how much you should be paying on your quarterly IRS tax payments, the 1040 ES provides a lot of answers. Hiring a tax professional is also strongly advised.

  3. 401K and IRA Withdrawal and Rollover Mistakes
  4. There are many laws regarding retirement withdrawals and rollovers. It is very easy to make mistakes in regard to these. Before you do anything with your 401K or IRA, consult a tax professional. You could wind up with a very sudden and inflated IRS tax debt.

  5. Using an incorrect Filing Status.
  6. Many people put very little thought into what filing status should be used. However, it often is the difference between a high IRS tax debt and a fat refund check. A tax professional can help you figure out which is the best filing status for you to use.

  7. Using the incorrect Deductions and Tax Credits or not using them at all.
  8. There are no magical loopholes when filing your IRS taxes. There are deductions and tax credits you qualify for and those you don't. While you don't want to leave any stone unturned in your efforts to lower your IRS tax debt, you also don't want to wind up in an audit. A tax professional will help you fully utilize legitimate deductions and tax credits.

  9. Using the wrong Tax Preparer
  10. Just like every other line of work out there, there are some bad apples in the world of tax professionals. Some tax preparers are simply bad at their job, and others are dishonest. You do the research to find an honest car mechanic. The same rules apply to finding a trustworthy tax preparer. Make sure that they have been in business for at least 10 years,have at least a B rating with the Better Business Bureau.

While these five common IRS tax mistakes don't even make a dent in the long list of overlooked errors, they give a good head start. Make a commitment to attending to your IRS tax matters on a recurring basis, and make sure that you receive assistance from a tax professional with a good reputation.

If you want to avoid any IRS tax blunders, consult a professional. Call now or fill out the form below for a free tax debt consultation on the correct way to handle your IRS tax matters! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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