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Tax Tips for Procrastinators: The Top 8 Last-Minute Filing Blunders

Taxes are due - filing tipsHaste makes waste: It's an adage that best describes the fate that often befalls last-minute taxpayers, who, in a mad dash to meet the IRS deadline, make filing flubs that result in smaller refund checks or shelling out more to the government than they owe.

If you're among those last-minute filers, first, take a breath. Then take note of eight common filing mistakes to avoid.


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TurboTax Articles

What is IRS Form 8824: Like-Kind Exchange

Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.

What are ABLE Accounts? Tax Benefits Explained

Achieving a Better Life Experience (ABLE) accounts allow the families of disabled young people to set aside money for their care in a way that earns special tax benefits. ABLE accounts work much like the so-called 529 accounts that families can use to save money for education; in fact, an ABLE account is really a special kind of 529.

What is IRS Form 8829: Expenses for Business Use of Your Home

One of the many benefits of working at home is that you can deduct legitimate expenses from your taxes. The downside is that since home office tax deductions are so easily abused, the Internal Revenue Service (IRS) tends to scrutinize them more closely than other parts of your tax return. However, if you are able to substantiate your home office deductions, you shouldn't be afraid to claim them. IRS Form 8829 helps you determine what you can and cannot claim.

What is IRS Form 8859: Carryforward of D.C. First-Time Homebuyer Credit

Form 8859 is a tax form that will never be used by the majority of taxpayers. However, if you live in the District of Columbia (D.C.), it could be the key to saving thousands of dollars on your taxes. While many first-time home purchasers in D.C. are entitled to a federal tax credit, Form 8859 calculates the amount of carry-forward credit you can use in future years, not the amount of your initial tax credit.

What is IRS Form 8379: Injured Spouse Allocation

The Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund.

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sr1moments

What's the difference between head of household & claiming a child as a dependent who does not live w/you?

April 17 2012 at 1:29 AM Report abuse rate up rate down Reply
pam

Is aol going to find a new source for news. I heard they were giving the Ax to Huffington Post. Has anyone else heard that?

April 16 2012 at 11:23 PM Report abuse rate up rate down Reply
christia58

I WENT TO jACKSON hEWITT AT WALMART bIG mISTAKE COST ME $161.00 TO GET THEM FIGURED WILL NOT GO THER AGAIN.

April 16 2012 at 7:31 PM Report abuse rate up rate down Reply
burtonburtoncom

Obvious barrelman1 has not looked at the following Buffet link:
rule?source=em12_20120416_sc_act&utm_medium=email&utm_source=obama&utm_campaign=em12_20120416_sc_act&email

April 16 2012 at 6:25 PM Report abuse rate up rate down Reply
barrelman1

Don't worry if Obama gets re elected we are all done anyway!

April 16 2012 at 5:15 PM Report abuse rate up rate down Reply
neutralx

Struggling for stories are we, AOL? Let me sum up this article for anyone that hasn't read it yet: Don't make mistakes. There you go, now I'm qualified to write news for AOL / Yahoo / Huffpost!

April 16 2012 at 4:40 PM Report abuse rate up rate down Reply
sports

A vote for OB is a vote for NO B

April 16 2012 at 3:33 PM Report abuse rate up rate down Reply
msrelax1

We at Inland Valley Income tax would love to do your Taxes!!!!!!!!! call us we'd love to beat the dead line for you

Thank you ...951-684-1150

April 16 2012 at 3:11 PM Report abuse rate up rate down Reply
granmaww33

HI HONEY, THIS MUST BE ANNIE??
I LOVE YOU.

April 16 2012 at 2:24 PM Report abuse rate up rate down Reply
Rory

Understand, sometimes it is best in the long run to leave out a deduction or two. If you are middling folk, small business and can't afford to be lawyered up to the max, then leaving out a deduction or two out, when audited comes in handy, I have been audited and being able to come back with those additional deductions saves me time and headache when I have been audited. Not a crime to over pay, but it is a crime to underpay.
Just a thought!

April 16 2012 at 12:14 PM Report abuse rate up rate down Reply