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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

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