- Days left

The 10 Biggest Tax Mistakes I See: A CPA Tells All

CPA tax secretsBy Laura Shin

1040, 1040A, 1040EZ, Schedule C, Schedule B, 4868, 1099, W-2 ... doing your taxes can feel like trying to speak a foreign language that you've never taken a course in.

Given how complicated the tax code is, it's not surprising that people mess up when filing their returns -- and those mistakes can cost people thousands of dollars. (Learn how to avoid the top tax filing mistakes.)

As a Certified Public Accountant with his own boutique firm, Gary Craig has seen it all. He shared some of the most common tax blunders he witnesses to help you avoid them, and improve the odds that your own filing goes smoothly.

More From LearnVest:

Increase your money and finance knowledge from home

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

How Financial Planners go Grocery Shopping

Learn to shop smart and save.

View Course »

TurboTax Articles

Cities with the Lowest Tax Rates

The total amount of tax you pay reaches far beyond what you owe the federal government. Depending on where you live, most likely you're required to pay additional taxes, including property and sales tax. The disparity between the amount of tax you pay in a low-tax city and that in a high-tax city can be dramatic. Living in any of these 10 cities could save you a bundle, although the exact amount may fluctuate based on your income and lifestyle choices.

Cities with the Highest Tax Rates

Much ado is made in the press about federal tax brackets, but cities can carry a tax bite of their own. Even if you live in a state that has no income tax, your city may levy a variety of taxes that could eat away the entire benefit of living in an income tax-free state, including property taxes, sales taxes and auto taxes. Consider all the costs before you move to one of these cities, and understand that rates may change based on your family's income level.

Great Ways to Get Charitable Tax Deductions

Generally, when you give money to a charity, you can use the amount of that donation as a deduction on your tax return. However, not all charities qualify as tax-deductible organizations. While there are many types of charities, they must all meet certain criteria to be classified by the IRS as tax-deductible organizations. There are legitimate tax-deductible organizations in many popular categories, such as those listed below.

A Freelancer's Guide to Taxes

Freelancing certainly has its benefits, but it can result in a few complications come tax time. The Internal Revenue Service considers freelancers to be self-employed, so if you earn income as a freelancer you must file your taxes as a business owner. While you can take additional deductions if you are self-employed, you'll also face additional taxes in the form of the self-employment tax. Here are things to consider as a freelancer when filing your taxes.

Tax Deductions for Voluntary Interest Payments on Student Loans

Most taxpayers who pay interest on student loans can take a tax deduction for the expense ? and you can do this regardless of whether you itemize tax deductions on your return. The rules for claiming the deduction are the same whether the interest payments were required or voluntary.

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:
Minor Von

If you think Ricky`s story is unbelievable..., last week my friend basically brought home $5497 sitting there twelve hour's a week from there house and the're co-worker's half-sister`s neighbour done this for 4 months and easily made over $5497 part-time at there labtop. follow the guidelines at this site. ......... BIT40.ℂOℳ

February 27 2013 at 7:05 PM Report abuse rate up rate down Reply

I\'ve used Turbo Tax for a few years now and it works fine. Also, a big savings versus our old accountant. The program simply walks you through the entire process and will flag anything that seems out of place. There are a number of versions of the software you can purchase depending on your needs.

February 27 2013 at 8:39 AM Report abuse +2 rate up rate down Reply