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Whoops I blew It Part II

Date: January 27, 2015

Author: Trish Wright

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No one who has ever received a letter from the IRS can deny how it makes your heart race and go pitty pat super-fast!  Here are another 5 common mistakes that can result in a “nasty gram” from the IRS letter generating machine:

8. Not taking education credits because tax payer “didn’t pay for the tuition, the student loan did.”-- Or conversely, taking the credit when grants paid for the tuition.

9. Forgetting to add alimony in as income or deduct alimony from income or claiming child support as income or deducting child support from income.

10. Teachers that itemize insisting they should only take the $250 educator credit when they could take the full amount of their teacher expenses (frequently much higher than $250) as additional business expenses.

11. Winning gamblers that itemize not taking their gambling losses up to the amount of earnings on Schedule A.

12. Tax payers that withdraw money from their 401K not deducting appropriate exemptions to reduce the tax penalty for early withdrawal.

13.  Putting 1099-Misc form income in as wages instead of self-employment income which results in taxes being calculated incorrectly.

14.  And the big question mark of this year…how we input health care information and subsidies to calculate the health care penalty and offsets.

Tax Trish

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