Tax Mistakes You Need To Avoid

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Considering that tax season is in full swing and is something we are heavily involved in, we'd like to share as many tips and as much information as we can to help you get through April 18th without any major hiccups - that includes sharing some common tax mistakes. Below, take a look at some tax no-nos that many of us are guilty of doing, then make a commitment to avoid them yourself:

Procrastinating: We all lead busy lives, and we know that finding time to make an appointment with your accountant can sometimes seem impossible with everything else you have going on. But procrastinating is not the answer when it comes to your taxes. If you wait too long, you could risk missing the deadline and therefore face some hefty penalties.

Assuming: Although it would make things much less complicated, it isn't safe to assume that deductions, exemptions or any other number from your tax return last year will stay the same. Even if for the most part this year's numbers are an accurate reflection of last year, you'll want to make sure you look over everything first since any changes or updates could have a substantial impact on your return.

Forgetting documents: We're sure you've heard that your W-2 form from your employer is one of the most important documents you need, but keep in mind that it may not be the only document you need. For example, if you receive an income from additional sources, you may need to report it on a 1099 form. If you aren't sure which forms you need, take a look at our tax library or contact us for more information.

Failing to check things twice: Whether you're filing your taxes yourself or are working with a professional, always be sure to check over everything more than once. Minor math mistakes or errors in your name (if you recently got married, for instance) can make big differences, so don't just assume that everything is correct without checking.

Not making updates: Changes to your household status such as children moving out or in must be reported - not making these updates could cause you to over or under pay in taxes, neither of which you want to have to deal with. If you have a unique living situation or are unsure if you can still claim your child as a dependent, be sure to contact a financial planner like ourselves.

So what's the secret to a successful tax filing process? Don't go through it alone! By working with a tax planner like those here at American Investment Planners LLC, you don't have to worry about all of the intricate details - we'll take care of everything for you, which means you can also rest assured that everything will be done right the first time.

To learn more about our tax planning services and how we can help you get through tax season this year, please give us a call at (516) 932-5130.