Avoiding Tax Mistakes Springdale AR

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

Allied Bookkeeping and Tax Service
479-685-9795
803 South C st
Rogers, AR
Abs Income Tax
(479) 750-1099
122 N Thompson St
Springdale, AR
Jackson Hewitt Tax Service
(479) 750-8939
312 S Thompson St
Springdale, AR
Barron Tax Service
(479) 751-5755
1611 N 71-B
Springdale, AR
Jackson Hewitt Tax Service
(479) 750-8939
312 S Thompson St
Springdale, AR
Tax Time
(479) 751-3368
Highway 71
Springdale, AR
H & R Block
(479) 751-5600
208 S Thompson St
Springdale, AR
Downing & Associates Inc
(479) 751-6615
1400 Dividend Dr
Springdale, AR
J R's Tax Service
(479) 756-5888
1214 Watson Dr
Springdale, AR
H & R Block
(479) 751-5600
208 S Thompson St
Springdale, AR

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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

Allied Bookkeeping and Tax Service

479-685-9795
803 South C st
Rogers, AR
www.itrustallied.com

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