Common Errors in Tax Preparation
Mistakes can happen when you’re preparing your taxes, even with all the technological automation on hand. A good way to avoid the oversight is to keep a list of common errors that can happen when making your report.
Madison, Tammara “Seven common mistakes in tax preparation.”
•Assuming the wrong due date
•Confusion over the most advantageous filing status
•Not claiming the Earned Income Tax Credit
•Failing to list all information for dependents
•Forgetting to include interest and dividends
•Forgetting to include early withdrawals from retirement accounts
•Failing to report transactions in cryptocurrency or other virtual currency
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