- 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

Economics 101

Intro to economics. But fun.

View Course »

Goal Setting

Want to succeed? Then you need goals!

View Course »

TurboTax Articles

Tax Tips for the Blind

Anyone whose field of vision falls at or below 20 degrees, who wears corrective glasses but whose vision is 20/200 or less in his best eye, or who has no eyesight at all, meets the legal definition of being blind and is eligible for certain tax deductions.

What is Form 4255: Recapture of Investment Credit?

When is a tax credit not a tax credit? When the IRS takes it back. If you're in the situation where you have to file IRS Form 4255, you might have to pay back a tax credit you've earned in prior years. This process, known as recapture, occurs if you claim a credit -- in this case, a credit for a specific type of business investment -- and then no longer qualify for that credit.

The Most Important Tax Forms for ALEs (Applicable Large Employers)

In 2015, some parts of the Affordable Care Act specifically apply to businesses, in particular, large employers. The Employer Shared Responsibility provisions affect companies with 50 or more full-time employees or an equivalent of part-time or seasonal workers. These companies are called Applicable Large Employers, or ALEs. 2015 is considered a transition year as everyone gets used to the new normal for workplace health plans.

Employer Sponsored Health Coverage Explained

The Affordable Care Act, also known as Obamacare, is simpler than some people may give it credit for. The basic rule to remember is that everyone must carry Minimum Essential Coverage (MEC) or pay a penalty. Employers with 50 full-time employees or more are obligated to sponsor plans for their workers to help them meet this requirement.

How to Report RSUs or Stock Grants on Your Tax Return

Restricted stock units (RSUs) and stock grants are often used by companies to reward their employees with an investment in the company rather than with cash. As the name implies, RSUs have rules as to when they can be sold. Stock grants often carry restrictions as well. How your stock grant is delivered to you, and whether or not it is vested, are the key factors when determining tax treatment.

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
Frank

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