Tax Pitfalls to Avoid

Most people are worried about making mistakes on their taxes that will get them in trouble with the IRS. In reality, most mistakes are simple human errors or missed opportunities that would reduced taxes owed. Last year, 9.4 million 'math-error' notices were sent out. Other mistakes involved forgetting to report invested income, getting bank or social security numbers incorrect, or forgetting to sign your return. In all of these circumstances, a little extra time or paying a tax professional can help save you money and give you peace of mind. Below are 8 common tax pitfalls to avoid:
​1. Missing investment income
2. Selling too soon
3. Poor record keeping
4. Forgetting losses
5. Waiting too long to strategize
6. Engaging in wash sales
7. Not taking advantage of tax breaks
8. Forgetting deadlines
Tax Mistakes do happen, but the more you understand your situation and tax rules, the less impact they can have on your wallet. Don't forget, this year's tax deadline is April 18, 2023. If you want more details on tax pitfalls, click on the article here or contact us at [email protected] or
​979-694-9100.