As every tax season draws to a close, most Americans inevitably find themselves stressed out about filing their returns and getting them done in time. Many a time last minute tax calculation and filing can cause oversight and error, and the taxpayer may end up paying more than he or she needs to or vice verse. To make tax filing a less painful experience, a few tips can help. [Read more…]
Avoiding Common Mistakes when Filing Tax Returns
Filing tax returns is a laborious and complicated task that we have to perform every year. There are some simple mistakes that are often made by people while filing tax returns, which can lead to delays in refunds, extra procedural formalities, hassles and stressful meetings with an IRS representative. The good news is that you can avoid this headache by following some simple guidelines. [Read more…]
Don’t Forget Your Medical Expenses when Filing Taxes
When filing taxes, you should take advantage of all possible deductions and tax credits to minimize your liability. An important deduction that many people tend to ignore is medical expenses.
First of all, it is important to understand what is included and what is excluded from the IRA’s definition of ‘medical expenses”. Anything that you pay for doctors or dentists qualifies as a medical expense. If you had to spend some time in a hospital or if you paid for medical equipment and prescription medication, then you can add these expenses too. [Read more…]
