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Common Tax Errors

Common Tax Errors

January 30, 2023

The IRS will tell you, "Tax laws are complicated but the most common tax return errors are surprising simple." This week, we're offering another short (8 pages) white paper that addresses some of the errors to avoid when completing your tax return.

Common Tax Errors to Avoid

Please bear in mind that it’s not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy. Also, remember that tax rules are constantly changing, and there is no guarantee that the treatment of certain existing rules will remain the same.

In addition to our white paper, you may find the IRS website especially helpful on this topic: 

IRS TaxTips.

Take to heart the words of Mark Twain, 

The secret of getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into small manageable tasks, and then starting on the first one.”

This week, gather your important documents into a file labeled "2022 Taxes." Put all W-2's, 1099's, IRS notices, charitable receipts, and any other tax-related records in it. Keep it in a safe place. On your computer, create a folder for all digital tax-related documents, give it a self-explanatory name, and start saving everything that you or your tax professional might need. 

There. You've taken the first step. Keep going! This might be the first year you're not sprinting to the Post Office before the midnight deadline (not that I would know anything about that...)!