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Avoiding Tax Mistakes Georgia

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

The Promo Shop, ltd.
770-889-9636
6495 Oak Valley Dr
Cumming, GA
Accounting & Tax Specialists
404 377-6633
315 W Ponce de Leon Ave. Ste. 810
Decatur, GA
Bottom Line Tax Services, LLC
(770) 459-1051
845 S Carroll Road
Villa Rica, GA
Kenneth H Kurtz CPA
770-888-1467
329 Kelly Mill Rd
Cumming, GA
Morehouse Group
706-278-2713
507 S Thornton Ave
Dalton, GA
Exceptional Bookkeeping Services
706-859-1345
Rome, GA
Acworth Tax Preparation
678-447-2400
3950 Cobb Parkway NW
Acworth, GA
Heritage Accounting, Ltd.
404-373-1603
417 Clairemont Avenue
Decatur, GA
Liberty Tax Service
678-518-0940
5402-C Covington Highway
Decatur, GA
H&R Block
678-464-2219
2579 North Decatur Rd
Decatur, GA
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

The Promo Shop, ltd.

Consult with The Promo Shop before you spend your advertising dollars and we will show you items of advertising value.

770-889-9636
6495 Oak Valley Dr
Cumming, GA
www.thepromoshop.com

The Promo Shop can enhance your company branding by providing any of the thousands of quality custom logo promotional products, embroidered shirts, corporate thank-you gifts, as well as trade show exhibit displays, graphics and logo table covers. We pride ourselves on the quality of our embroidery and screen-printing workmanship on golf shirts, hats, blankets, towels, t-shirts and more.

Your company’s branding begins by creating your own silent sales force through the use of custom embroidered apparel, dress shirts, caps and price-valued custom logo promotional items. Enhance name recognition from our custom imprinted products for promotions, advertising, and other give-away programs.
Read more about Avoiding Tax Mistakes

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Related Local Event
The Tax Information Reporting & AP Leadership Conference
Dates: 7/12/2009 - 7/15/2009
Location: Omni Hotel at CNN Center
Atlanta, GA
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