- Buy Adobe Creative Suite 5.5 Production Premium (en,de,es,fr,nl,pt,it)
- Buy OEM Autodesk Inventor Suite 2011
- Buy Microsoft Visual Studio 2010 Ultimate (en)
- Buy OEM I.R.I.S. Readiris 12 Pro MAC
- Download Infinite Skills - Photoshop For Architects
- 69.95$ Symantec PCAnywhere 12.5 cheap oem
- Download Autodesk AutoCAD Revit Architecture 2010
- Buy Microsoft Office Project Professional 2007 SP2 (en,fr,ja,it,da,es,nl,de)
- Discount - Lynda.com - Running a Design Business: Designer-Client Agreements
- Buy Techsmith Camtasia Studio 7 (en)
- Discount - Vision & Voice: Refining Your Vision in Adobe Photoshop Lightroom
- Buy OEM Nolo Quicken WillMaker Plus 2011
|7 Mistakes to Avoid on Your 2012 Tax Return|
|News Releases - General Info|
|Written by Ginny Grimsley|
|Friday, 01 February 2013 15:20|
By: Rick Rodgers, CFP
Every year, our politicians talk about the need to simplify the tax code and every year, they make it more complex.
The average taxpayer will spend an estimated 23 hours completing their return this year. Eighty percent of taxpayers will hire someone to do the work, or buy tax software, even though 64 percent of taxpayers don’t owe anything.
There are six definitions of a child; more than a dozen educational credits, and 16 different types of tax-favored savings plans. That may seem daunting, but with some basic knowledge and planning, you can avoid costly mistakes.
Here is a list of the seven common mistakes and missed deductions to help you prepare your 2012 tax return.
If you have made a mistake or missed a deduction you can file an amended tax return to correct the problem. Some taxpayers worry filing an amended return will increase their chances of being audited. Amending the return doesn’t focus the IRS’s attention on your return but it will extend your exposure to their challenges. The IRS looks back three years from the date you file a return. When you amend your tax return you reopen the three-year window.
No one likes to deal with the IRS and taxes, but you could be leaving money on the table by not filing an amendment. If the total amount of tax you owe is smaller than your original return, the IRS will refund the difference.
Also file an amended return if the correction results in additional tax owed. The IRS will add interest to the amount if you amend after your filing deadline, but it rarely adds penalties. Correcting the mistake early saves interest and can avoid penalties.
About Rick Rodgers
Certified Financial Planner® Rick Rodgers is president of Rodgers & Associates, “The Retirement Specialists,” in Lancaster, Pa., and author of “The New Three-Legged Stool: A Tax Efficient Approach to Retirement Planning.” He’s a Certified Retirement Counselor and member of the National Association of Personal Financial Advisers. Rodgers has been featured on national radio and TV shows, including “FOX Business News” and “The 700 Club,” and is available to speak at conferences and corporate events (www.RodgersSpeaks.com).
Tags See All Tags