Avoiding Tax Mistakes Cary NC

Avoiding mistakes can make tax time less stressful and help ensure more savings on taxes. Yet even the most organized among us can overlook important tax details in the rush to complete our tax returns.

Local Companies

Rothwell International, Ltd.
(919) 424-3828
5540 Centerview Drive
Raleigh, NC
B&B Bookkeeping
919-557-6694
1500 Main st
Fuquay Varina, NC
Office Aid Outsource Services
919-805-5273
613 coley Farm Road
Fuquay Varina, NC
Alpha Accouting
919-217-2515
2921 Old Milburnie Rd
Raleigh, NC
Laurie's Bookkeeping & Tax Service
919.413.6423
408 James Norris Road
Angier, NC
Maximo Mukelabai, CPA, PC
(919)323-3177
1904 Guess Road
Durham, NC
Perkins Jack CPA
(919) 467-3270
106 Fountain Brook Cir Ste A
Cary, NC
Tax & Investment Strategies Inc
(919) 462-8100
1150 Executive Cir
Cary, NC
H & R Block
(919) 462-3292
926 US Highway 64
Cary, NC
Liberty Tax
(919) 362-1829
2773 Nc Highway 55
Cary, NC

Provided by:

Avoiding mistakes can make tax time less stressful and help ensure more savings on taxes. H&R Block's National Tax Advice Day,is all about providing unique, free advice to help taxpayers find the most deductions possible and get more money back -- faster than ever!

Between now and April 15th, millions of Americans will scramble to pull together receipts, bank statements and a host of other documents in order to complete their annual tax returns on time.

Yet even the most organized among us can overlook important tax details in the rush to complete our tax returns. And these mistakes can be costly. That's why it's important to be wary of five common filing mistakes:

Mistake #1: Failing to Claim Above-the-Line Deductions & Credits

Sometimes taxpayers don't realize that they qualify for tax credits and deductions that can help lower taxable income. As a result, they can miss out on potentially significant savings. The Earned Income Tax Credit, Child Care Tax Credit, various education tax deductions and IRA-contribution deductions are all available even if the taxpayer doesn't itemize. Once the allowable items have been identified, it's important to calculate and enter the credit and deduction amounts correctly on the return.


Mistake #2: Not Itemizing Deductions

Some people automatically take the standard deduction instead of looking closely to see if it's more advantageous to itemize. According to the General Accounting Office (GAO), more than two million taxpayers use the standard deduction even though they could save more in taxes by itemizing. For example, nearly one million people fail to itemize mortgage interest. This results in an overpayment of more than $470 million in taxes, according to a 2002 GAO report.

In addition to mortgage interest, taxpayers should consider itemizing the following deductions:

  • Medical expenses (health insurance premiums, prescriptions and other qualified medical expenses)
  • State and local income tax and personal property tax
  • Charitable contributions (to churches and other non-profit organizations)
  • Out-of-pocket job expenses not reimbursed by employers
  • ...

Click here to read the rest of the article at YoungMoney.com.

Featured Local Company

Rothwell International, Ltd.

Rothwell Int. provides a complete back office and payroll solutions service to high earning consultants.

(919) 424-3828
5540 Centerview Drive
Raleigh, NC
www.rothwell-international.com

Finally, a back office and payroll solutions service that is designed specifically for the professional level consultant. By far the best way to reduce your back office headaches while optimizing your cash flow.


Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History