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Guiding You Through The Legal Process

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Common tax problems that could lead to complications

On Behalf of | Jan 20, 2023 | Income Taxes

Taxes are complicated, and the average person may have a difficult time navigating the process of completing the appropriate paperwork and paying the right amount. It is easy to see how one could make a costly mistake that may lead to legal and financial complications. You may be one of the millions of Americans who made a tax-related mistake, but you are not alone. There are ways that you can seek a positive outcome in your situation and protect your interests.

When polled, more than 60% of taxpayers say that filing their taxes is a stressful process. It may be more likely that someone will commit a mistake when they are stressed or wait until the last minute to complete everything. Making even an inadvertent error on your tax return could result in less money back, more complications and perhaps even an audit from the Internal Revenue Service.

Don’t make these mistakes

Many Georgia taxpayers employ the services of a professional who can help them prepare their returns and file their paperwork appropriately. However, even professionals sometimes make mistakes, and you will benefit from being able to recognize and avoid the most common errors that could cost you time, money and stress. Things to avoid include:

  • Not filing at all because you don’t have the money to pay: If you do not have the funds to cover your taxes, you must still file your return. Penalties can be steep, and they can add up quickly. Instead, you may consider a payment plan with the IRS.
  • Choosing to itemize when the standard deduction is fine – Improperly counting deductions is one of the most common tax mistakes people make and one of the most common reasons for penalties or even an audit.
  • Mailing a paper return instead of filing digitally – Filing digitally is efficient and fast. Filing through the mail comes with the risk that the return will be lost, or it may not reach the IRS before the deadline.

If you are facing the consequences of certain types of tax mistakes, you do not have to navigate this process alone. You may benefit from seeking the guidance of a professional who can provide you with insight regarding how to either rectify your mistake or take the appropriate steps that will allow you to pursue the best possible outcome to your situation.