{"id":4054,"date":"2020-06-30T15:24:42","date_gmt":"2020-06-30T15:24:42","guid":{"rendered":"https:\/\/andersonbradshawtax.com\/blog\/?p=4054"},"modified":"2020-06-30T15:24:42","modified_gmt":"2020-06-30T15:24:42","slug":"major-tax-mistakes-you-need-to-avoid","status":"publish","type":"post","link":"https:\/\/andersonbradshawtax.com\/blog\/major-tax-mistakes-you-need-to-avoid\/","title":{"rendered":"Major Tax Mistakes You Need to Avoid"},"content":{"rendered":"<p>Making a mistake when filing your taxes can have significant consequences and potentially harm your financial well-being. Depending on the mistake, you could be subjected to large tax penalties, <a href=\"https:\/\/andersonbradshawtax.com\/service\/wage-garnishments\/\">IRS wage garnishment<\/a>, or even the prospect of serving time in prison. This is why it is so important to speak with a seasoned and knowledgeable <a href=\"https:\/\/andersonbradshawtax.com\/\">tax attorney<\/a> when filing your taxes or when you are contemplating certain tax strategies.<\/p>\n<p>The <a href=\"https:\/\/www.irs.gov\/\">Internal Revenue Service<\/a> (IRS) released a list of frequent mistakes committed by individuals while preparing their tax return. Let&#8217;s take a look at some of the most frequent oversights committed by taxpayers.<\/p>\n<p><strong>Common Administrative Mistakes <\/strong><\/p>\n<ul>\n<li>Selecting the wrong filing status<\/li>\n<li>Failing to properly enter the names and taxpayer identification numbers for each person listed on your tax return (e.g., spouse, dependents, etc.).<\/li>\n<li>Forgetting to sign and date your tax return.<\/li>\n<li>Forgetting to have your spouse sign the return (this is necessary when filing a joint tax return).<\/li>\n<\/ul>\n<p><strong>Not Obtaining Paper Copies of Tax Forms<\/strong><\/p>\n<p>More financial information is going paperless, including bank accounts, health insurance, employment benefits, and investment accounts. This may mean that taxpayers who were used to getting a 1099 or other tax form in the mail will be getting those online. Taxpayers may forget about some of these <a href=\"https:\/\/andersonbradshawtax.com\/service\/foreign-bank-account-reporting-issues\/\">financial accounts<\/a> or not get an email of the tax form availability. They are still; however, liable for reporting all their tax information, even if they forget or never got a tax form in the mail.<\/p>\n<p><strong>Neglecting Changes to the Internal Revenue Code<\/strong><\/p>\n<p>Another common oversight committed by many taxpayers is failing to stay up-to-date on important modifications to the tax code, including changes to deductions, credits, and other <a href=\"https:\/\/andersonbradshawtax.com\/service\/tax-negotiation-settlement\/\">tax issues<\/a>. Here are some examples of recent changes to the tax code:<\/p>\n<ul>\n<li>Higher income brackets \u2013 Congress recently modified the income tax brackets and the changes could significantly impact how much you may wind up owing in federal taxes. Here is a breakdown of the income brackets that were in place 2019 (and will likely be in place for 2020):\n<ul>\n<li>If you made more than $510,300 as a single individual, you are subject to the top tax bracket of 37 percent.<\/li>\n<li>If you made more than $204,100, you are in the 35 percent tax bracket.<\/li>\n<li>If you made more than $160,725 (but less than $204,100), you are in the 32 percent tax bracket.<\/li>\n<li>If you made more than $84,200 (but less than $160,725), you are in the 24 percent tax bracket.<\/li>\n<li>If you made more than $39,475 (but less than $84,200), you are in the 22 percent tax bracket.<\/li>\n<li>If you made more than $9,700 (but less than $39,475), you are in the 12 percent tax bracket.<\/li>\n<\/ul>\n<\/li>\n<li>No alimony deduction \u2013 Pursuant to the Tax Cuts and Jobs Act of 2017, the alimony tax deduction was eliminated in 2019.<\/li>\n<li>Individual health insurance mandate eliminated \u2013 There is no longer a <a href=\"https:\/\/andersonbradshawtax.com\/service\/penalty-abatement\/\">penalty<\/a> if you failed to have a health insurance policy through the year.<\/li>\n<\/ul>\n<p>As you can see, there are a myriad of issues and updates you need to be aware of when filing your taxes. Taking the wrong deduction or assuming you&#8217;re in a particular tax bracket could cause a lot of frustration and confusion. Hence, it is in your best interest to consult with an <a href=\"https:\/\/andersonbradshawtax.com\/\">experienced tax lawyer<\/a> for a successful outcome.<\/p>\n<p><strong>Have Questions About General Taxes or <em>IRS Back Taxes Relief<\/em>? Contact an Experienced Tax Lawyer Today<\/strong><\/p>\n<p>If you are struggling to complete your taxes, or you received a notice from the IRS alleging you owe taxes or are being penalized for failing to pay taxes, <strong><a href=\"https:\/\/andersonbradshawtax.com\/contact-us\/\">contact Anderson Bradshaw Tax Consulting<\/a>.<\/strong> We are here to help <em>and<\/em> understand how challenging and stress-inducing taxes can be for many.\u00a0 For further information or to schedule an appointment please contact our office today at <a href=\"tel:8775503911\"><strong>877.550.3911<\/strong><\/a>or visit <strong><a href=\"https:\/\/andersonbradshawtax.com\/\">www.AndersonBradshawTax.com<\/a><\/strong> to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Making a mistake when filing your taxes can have significant consequences and potentially harm your financial well-being. Depending on the mistake, you could be subjected to large tax penalties, IRS&#8230;<\/p>\n","protected":false},"author":3,"featured_media":4055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[21,22,18,23],"class_list":{"0":"post-4054","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-irs-tax-consultant","8":"tag-experienced-tax-lawyer","9":"tag-internal-revenue-service","10":"tag-irs-wage-garnishment","11":"tag-tax-attorney"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Major Tax Mistakes You Need to Avoid<\/title>\n<meta name=\"description\" content=\"Making a mistake when filing your taxes can potentially harm your financial well-being. 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