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Whoops I Blew It--5 Mistakes People Make on Their Tax Returns Part I

Date: January 21, 2015

Author: Trish Wright

Categories:

The H&R Block campaign says that Americans on average leave behind $500 in refund money, while trying to save money by doing it themselves.  I agree--maye not every year, but collectively over the years, the average person will make either one big mistake/over site or the same small mistake every year. Here are the mistakes I commonly find...1. Not claiming the second installment of property tax (Doh!)
2. Not calculating stock profits correctly
3. Not taking depreciation correctly or most advantageously
4. Not taking the college tuition credits most advantageously or at all given confusion over when you take the credit if you didn't pay for the tuition because your loans paid for it.
5. Not calculating correctly or taking business use of your home at all even though it's deserved (you should take the loopholes to which you are entitled!)

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