Tax Mistakes to Never Make

          A simple assumption can lead to big problems when it comes to taxes. Tax Law is quite complicated, so it pays to take a little time and review your forms before submitting them. Here are a few basic mistakes that can cost a lot down the road.

          One very common and ultimately painful mistake (#1) is the idea that a Taxpayer should not file a Tax Return until they can pay taxes owed. This is never true. By making this choice, a Taxpayer will not only have to pay the taxes owed, but they will also have to pay the failure-to-file penalty. This is often a more expensive fine. There are always solutions to tax problems, but ignoring them will never lead to a good outcome.

          Another mistake (#2) that can arise from a misconception, or not realizing how circumstances have changed, is the thought that married couples must always file jointly. When income changes from one year to the next or a dependent has left the nest, your situation has changed. It must be approached with a fresh perspective. This opens up a variety of options to find tax savings. This is what a Qualified Tax Professional is trained to do.

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