Avoid costly mistakes this tax season - FOX 13 News

Avoid costly mistakes this tax season

Posted: Updated:
ATLANTA -

It's tax season and that means many of us are getting our paperwork together. Before you file, make sure you are not committing any tax blunders that can cost you money.  

Here's a look at some costly mistakes and some things you may be overlooking.

First, don't forget to sign your name. Tax preparers always mention this as a big "oops!" Sign your name the same way on each piece of paper. 

Second, the IRS says that 67,000 Americans in 2010 got their own filing status wrong. If you got married or divorced in the middle of the year, check what your filing status should be.  

Now, let's get into some tax credits or deductions you might be overlooking.

The accounting firm CB Smith and Associates in Cumming says dependent child care is often overlooked as a credit available to you. This applies to you if your child is in pre-school, in a day care, or even has a nanny.

Have you purchased a new air conditioning unit or water heater, or perhaps replaced your windows?  There is an energy credit available if the purchase or repair has the Energy Star seal.  

CB Smith and Associates says be aware of these deductions:

1.    The points paid when buying a house.
2.    Deduct mileage in a numbers of cases - if you're job hunting, if you're moving for that job.
3.    If you take someone to regular medical treatments, that's a deduction.  
4.    Deduct if your travel is for charity reasons.  

You must be able to back up your deductions with paperwork or receipts.

If you're reading all of this, and think it's time to get a tax preparer on the job, take your returns from the last three years in for a review. You might be able to get additional deductions from previous years.  It certainly won't hurt to check.

  • I-Team Story ArchiveMore>>

  • Reality TV Star Todd Chrisley faces tough questions

    Reality TV Star Todd Chrisley faces tough questions

    Tuesday, August 19 2014 10:58 PM EDT2014-08-20 02:58:47 GMT
    It's one of the hottest reality TV shows in the country and it stars an Atlanta millionaire.It's called "Chrisley Knows Best" and Todd Chrisley is the flamboyant lead.But Senior I-team reporter Dale Russell has been digging through court records and says "reality" means something different to people who have done business with Chrisley.
    It's one of the hottest reality TV shows in the country and it stars an Atlanta millionaire.It's called "Chrisley Knows Best" and Todd Chrisley is the flamboyant lead.But Senior I-team reporter Dale Russell has been digging through court records and says "reality" means something different to people who have done business with Chrisley.
  • Save money by grocery shopping at the right time

    Save money by grocery shopping at the right time

    Monday, August 18 2014 1:14 PM EDT2014-08-18 17:14:49 GMT
    Here's the sure fire way to stay on budget at the grocery store: Plan your menu in advance, make a list then stick to it. So how is it that you're still spending more than you should and ending up with less than you need? Because too many of us shop at the wrong time.
    Here's the sure fire way to stay on budget at the grocery store: Plan your menu in advance, make a list then stick to it. So how is it that you're still spending more than you should and ending up with less than you need? Because too many of us shop at the wrong time.
  • Credit card transfers: read the fine print

    Credit card transfers: read the fine print

    Friday, August 15 2014 9:00 AM EDT2014-08-15 13:00:05 GMT
    A credit card balance can easily get out of control. You can chip away at that debt by transferring the balance to a lower interest card.  But, before you jump on that great offer, hit 'pause'. It's not for everyone.
    A credit card balance can easily get out of control. You can chip away at that debt by transferring the balance to a lower interest card.  But, before you jump on that great offer, hit 'pause'. It's not for everyone.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices