Comments on: Top 10 Common Tax Filing Mistakes http://financialhighway.com/top-10-common-tax-filing-mistakes/ Personal finance blog discussing investments, savings, insurance and financial planning ideas to grow wealth Wed, 23 May 2012 06:40:20 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Canadian Tax Guy http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-7872 Canadian Tax Guy Wed, 08 Dec 2010 21:40:08 +0000 http://financialhighway.com/?p=3808#comment-7872 You mention that the filing deadline for Canada is April 30th but then write about American stuff. One of the biggest issues I see that a Canadian reader may get wrong based on this article is filing status: There is no such thing as joint filing in Canada. I think that when writing articles to an international audience you address the specific country. If you are going to write about US taxes, then make the article about US taxes by making it clear that is what the topic is. You mention that the filing deadline for Canada is April 30th but then write about American stuff.

One of the biggest issues I see that a Canadian reader may get wrong based on this article is filing status: There is no such thing as joint filing in Canada.

I think that when writing articles to an international audience you address the specific country. If you are going to write about US taxes, then make the article about US taxes by making it clear that is what the topic is.

]]> By: Miranda http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-6093 Miranda Thu, 16 Sep 2010 17:10:08 +0000 http://financialhighway.com/?p=3808#comment-6093 I can't say what the IRS would do, but you might get something of a small break if it is truly a software error and not a human input error. In the end, though, it's best to get things resolved as quickly as possible, and pinpoint the problem. Even though I have someone else do my taxes, I look over them myself, just to double check. It might be worth it to do the same if you use a tax prep software program. I can’t say what the IRS would do, but you might get something of a small break if it is truly a software error and not a human input error. In the end, though, it’s best to get things resolved as quickly as possible, and pinpoint the problem. Even though I have someone else do my taxes, I look over them myself, just to double check. It might be worth it to do the same if you use a tax prep software program.

]]> By: Jack Thomas http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-6087 Jack Thomas Thu, 16 Sep 2010 11:06:31 +0000 http://financialhighway.com/?p=3808#comment-6087 Will the IRS give you a break if you use a software program and the software makes a tax error causing you to incur a tax penalty? Will the IRS give you a break if you use a software program and the software makes a tax error causing you to incur a tax penalty?

]]> By: Spring is Here! Roundup http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-3094 Spring is Here! Roundup Wed, 31 Mar 2010 14:55:00 +0000 http://financialhighway.com/?p=3808#comment-3094 [...] Top 10 most common tax filing mistakes [...] [...] Top 10 most common tax filing mistakes [...]

]]> By: Double Check Your Tax Return http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-2845 Double Check Your Tax Return Mon, 15 Mar 2010 11:52:17 +0000 http://financialhighway.com/?p=3808#comment-2845 [...] taxes, it is important to take a few minutes and make sure everything is correct.  Miranda from Financial Highway has Top 10 Common Filing Mistakes which you can use as a guide to double check your tax return and make sure everything is good to [...] [...] taxes, it is important to take a few minutes and make sure everything is correct.  Miranda from Financial Highway has Top 10 Common Filing Mistakes which you can use as a guide to double check your tax return and make sure everything is good to [...]

]]> By: Por: divagaciones ganadores quicktax y financieros http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-2759 Por: divagaciones ganadores quicktax y financieros Tue, 09 Mar 2010 03:47:25 +0000 http://financialhighway.com/?p=3808#comment-2759 [...] [. . . Top 10 errores imponible común de llenado] @ financiero a la autopista ¿Qué puedo deducir a pagar menos impuestos? Presente su declaración de impuesto sobre la renta con QuickTax ReviewFill fiscal con QuickTax: TFB da 2 copias! Financiero RamblingsFinancial RamblingsFinanical Ramblings Si te gusto este artículos, es posible que desee firmar por mi FULL RSS. Luego, usted recibirá mi puesto al día a su correo electrónico y puede leer en cualquier momento. Para suscribirse haga clic aquí [. . . ] URL del artículo original http://financialhighway.com/top-10-common-tax-filing-mistakes/comment-page-1/#comment-2722 [...] [...] [. . . Top 10 errores imponible común de llenado] @ financiero a la autopista ¿Qué puedo deducir a pagar menos impuestos? Presente su declaración de impuesto sobre la renta con QuickTax ReviewFill fiscal con QuickTax: TFB da 2 copias! Financiero RamblingsFinancial RamblingsFinanical Ramblings Si te gusto este artículos, es posible que desee firmar por mi FULL RSS. Luego, usted recibirá mi puesto al día a su correo electrónico y puede leer en cualquier momento. Para suscribirse haga clic aquí [. . . ] URL del artículo original http://financialhighway.com/top-10-common-tax-filing-mistakes/comment-page-1/#comment-2722 [...]

]]> By: Por: McGowan, Shaun http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-2755 Por: McGowan, Shaun Mon, 08 Mar 2010 23:20:57 +0000 http://financialhighway.com/?p=3808#comment-2755 [...] Una omisión o error en el software de impuestos ordenador o en papel los formularios de impuestos puede resultar en un retraso de su cheque de reembolso o del coste de dinero. Sepa lo que quiere ver para cuando usted prepara su formularios de impuestos, y hacer una lista de control para evitar el impuesto sobre los errores comunes de presentación. URL del artículo original http://financialhighway.com/top-10-common-tax-filing-mistakes/comment-page-1/#comment-2729 [...] [...] Una omisión o error en el software de impuestos ordenador o en papel los formularios de impuestos puede resultar en un retraso de su cheque de reembolso o del coste de dinero. Sepa lo que quiere ver para cuando usted prepara su formularios de impuestos, y hacer una lista de control para evitar el impuesto sobre los errores comunes de presentación. URL del artículo original http://financialhighway.com/top-10-common-tax-filing-mistakes/comment-page-1/#comment-2729 [...]

]]> By: Shaun McGowan http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-2729 Shaun McGowan Sat, 06 Mar 2010 05:30:52 +0000 http://financialhighway.com/?p=3808#comment-2729 An omission or error on the computer tax software or paper tax forms can result in a delay of your refund check or cost you money. Know what to watch for when you prepare your tax forms, and make a checklist to avoid common tax-filing mistakes. An omission or error on the computer tax software or paper tax forms can result in a delay of your refund check or cost you money. Know what to watch for when you prepare your tax forms, and make a checklist to avoid common tax-filing mistakes.

]]> By: QuickTax Winners and Financial Ramblings http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-2722 QuickTax Winners and Financial Ramblings Fri, 05 Mar 2010 13:33:15 +0000 http://financialhighway.com/?p=3808#comment-2722 [...] Top 10 common tax filling mistakes @ Financial Highway What Can I Deduct to Pay Less Tax? File Your Income Tax with QuickTax ReviewFill Tax with QuickTax: TFB is Giving 2 Copies!Financial RamblingsFinancial RamblingsFinanical Ramblings If you liked this articles, you might want to sign for my FULL RSS FEEDS. Then, you will get my daily post to your email and can read it at any time. To subscribe CLICK HERE [...] [...] Top 10 common tax filling mistakes @ Financial Highway What Can I Deduct to Pay Less Tax? File Your Income Tax with QuickTax ReviewFill Tax with QuickTax: TFB is Giving 2 Copies!Financial RamblingsFinancial RamblingsFinanical Ramblings If you liked this articles, you might want to sign for my FULL RSS FEEDS. Then, you will get my daily post to your email and can read it at any time. To subscribe CLICK HERE [...]

]]> By: Arohan http://financialhighway.com/top-10-common-tax-filing-mistakes/#comment-2711 Arohan Thu, 04 Mar 2010 14:49:16 +0000 http://financialhighway.com/?p=3808#comment-2711 Also for US readers, make sure that all your 1099s (INT, DIV, MISC) etc match up on the return. These statements are reported to the IRS and since IRS does not know your cost basis for your investments, they just assume it to be zero. Once I forgot to report capital gains on a municipal bond fund which in total amounted to about $100 and within a few months of filing I received an audit letter with IRS estimation of taxes due on tens of thousands of dollar closer to a few thousand dollars plus interest and penalties. It was resolved ultimately after few iterations with IRS but it is not a pleasant experience fixing a tax problem which in hindsight should never have occurred. Plus as you keep working on the problem with IRS, interest and penalties keep accruing. Also for US readers, make sure that all your 1099s (INT, DIV, MISC) etc match up on the return. These statements are reported to the IRS and since IRS does not know your cost basis for your investments, they just assume it to be zero. Once I forgot to report capital gains on a municipal bond fund which in total amounted to about $100 and within a few months of filing I received an audit letter with IRS estimation of taxes due on tens of thousands of dollar closer to a few thousand dollars plus interest and penalties.

It was resolved ultimately after few iterations with IRS but it is not a pleasant experience fixing a tax problem which in hindsight should never have occurred. Plus as you keep working on the problem with IRS, interest and penalties keep accruing.

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