Adrian JohnsonTLDR:
Key Points:
- Filing taxes can be confusing and stressful
- Accountants share 6 key mistakes to avoid
Taxes can be incredibly confusing, expensive, and frustrating, leading to a series of errors. Tax experts share some of the biggest mistakes you can make and how to avoid them. The key elements discussed in the article include:
1. Filing without ensuring all documents are in and reporting all income
2. Avoid rushing to file and consider filing for an extension
3. Understanding the rules behind tax deductions
4. Deducting business expenses correctly
5. Properly handling losses with top-notch bookkeeping
6. Considering the S Corporation tax election if self-employed
It is important to double-check work before submitting and seek professional assistance if needed.
Overall, the article highlights the importance of proper tax filing to avoid potential mistakes and consequences with the IRS.
