fbpx
U

10 Huge Tax Mistakes You Don’t Want To Make

February 24, 2017

10 huge tax mistakes you don't want to make


With over two decades of tax preparation experience, this Money Guy Show episode shares tax preparation tips that you’ve probably never heard of before. We want to help you avoid the most common mistakes that people make when filing their income tax returns.

As the tax filing deadline draws near, now is the perfect time to roll up your sleeves and tackle your abysmal taxes. Let’s face it, no one (that we know of) looks forward to tax season, but it’s a necessary activity for all of us at every income level. We figure why not make tax preparation a little less awful and a little more, dare we say, fun! You heard right: fun! Tune in to today’s episode as we tick through the major tax mistakes we’ve seen people make over and over again. As we expose each mistake, we also reveal exactly how to avoid them and how to benefit instead.

Having an effective tax strategy is a necessary piece of your overall financial strategy. With the right tax moves, you can maximize financial opportunities and help set yourself up for greater success. By taking the steps now to streamline your 2016 tax preparation practices, your 2017 tax preparation will be that much easier come this time next year!

Here are the 10 huge mistakes you’ll learn how to avoid from this episode:

  1. Not maximizing your retirement plans
  2. Not being organized
  3. Not considering major life changes or purchases
  4. Jumping the gun and filing before you’re ready
  5. Excessively trading and preparing your transactions wrong
  6. Not valuing charitable contributions correctly (or at all)
  7. Failing to understand the benefits of efficient tax location
  8. Not providing enough detail to accurately record 1099-R transactions
  9. Not taking advantage of deductions you’re eligible for as a business owner
  10. Operating under the wrong business structure

 

Tune In and Go Beyond Common Sense with the Money Guys

This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better and your feedback is an important part of that process.

If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: [email protected] and [email protected]. You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join our community! You’ll get immediate access to 15 of our most recent shows, plus you’ll get future podcasts delivered straight to your inbox so you can get in on the action right away.

 

Most Recent Episodes

Can Money Buy Happiness? (Here’s the Truth)

Money and happiness aren’t directly correlated, but they are intertwined. Some believe that once they have a large, pie-in-the-sky amount of money, they will finally be happy. Others are working towards a more specific retirement number they hope will bring happiness....

Passive Income EXPOSED: 3 Ways to Actually Make Money (2022 Edition)

Passive income is a dream for many looking to get out of their 9-5 or just create extra income on the side. In this episode, we’ll break down different ways to actually earn passive income in 2022. In this episode, you'll learn: The easiest and hardest side hustles...

Millionaires Share Their Secrets to Financial Success! (2022 Edition)

It’s that time of year again: our annual Money Guy Wealth Survey episode. We’re back with all-new data for 2022, including new questions. You’ll learn who millionaires are, what they did to get there, and how they built their wealth. In this episode, you'll learn: The...

Dumb Financial Decisions That Americans Make! (Do You?)

Throughout our years of doing the show, we’ve seen more than our share of financial mistakes. Some are more common than others - in this episode, we’ll discuss some of the dumb financial decisions Americans make - and what you can do differently. In this episode,...

3 Things You SHOULD Spend Money On (Even During a Recession)

When is it okay to start spending money on things you want, but may not need? In this episode, we'll discuss when you can start spending money on "unnecessary" purchases, and what goods, services, and experiences are worth spending money on. In this episode, you'll...

3 WORST Types of Financial Crooks (Don’t Get Scammed!)

In the financial world, there are a lot of crooks that try to get into your pockets. From metaphorical crooks selling a bad product to literal crooks stealing your money, we'll cover the different types of financial crooks to watch out for and how you can protect...

Financial Advisors React to NFL Players Spending Their First Million!

Not many Americans will ever make over one million dollars in a year, but professional athletes regularly make that and more. In this react video, we'll see how NFL players spent their first million dollars after making it into the league. As we review their mistakes...

Everything You Need to Know About Real Estate Investing!

Over the years, we have had some great conversations about real estate investing. In this episode, we put together the ultimate guide to show you everything you need to know about real estate investing! In this episode, you'll learn: How to get started in real estate...

The Truth About The FIRE Movement! (Is FIRE Still Possible?)

Since the advent of the FIRE movement several decades ago, we have never experienced a period of higher inflation until now. With the market down over 20% and inflation at 40-year highs, is FIRE still possible in 2022? If it is, what does it take to become financially...