Taxes are a stressful topic for most, but to make tax time a little easier this year check out the top three mistakes made on tax returns- and how you can avoid them!
Did you wrinkle your nose at that word? Get a shiver down your spine? For most people, taxes are a serious pain point in their adult lives.
For the sake of life-long learning, and expanding the advice available on Friend of Finance, I’m currently enrolled in an Income Tax Course, and one-third of the way to becoming an Enrolled Agent (a tax advisor who is allowed to represent people on tax matters before the IRS). What does that mean? That I’m learning a heck of a lot about taxes.
And unlike other areas I’ve studied (cough, insurance, cough) the more I learn about taxes, the better I feel. Our system in the U.S can be frustrating at times, but these weird, tricky little math rules that taxes are, are actually set up to help us in a lot of ways, not to try and hurt us. How our tax money is used is a completely different topic that I’m not getting into, but the system behind the Internal Revenue Service collecting our money is constantly evolving because people are trying to improve it.
There are a TON of rules when it comes to taxes. But, a lot of these rules are there to protect taxpayers, give credits and deductions to people who need them, and try to make our system as efficient as possible.
With that being said, it’s easy to make mistakes and get stressed come tax time. In my last class, I asked my instructor what her top 3 mistakes she saw in her years of experience preparing returns, and to be honest, I was a little surprised with her answers!