{"id":661,"date":"2018-04-10T21:13:04","date_gmt":"2018-04-10T21:13:04","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=557"},"modified":"2023-08-30T13:50:25","modified_gmt":"2023-08-30T13:50:25","slug":"hiring-a-tax-specialist-can-help-you-avoid-these-8-common-personal-tax-mistakes","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/tax-debt-relief\/hiring-a-tax-specialist-can-help-you-avoid-these-8-common-personal-tax-mistakes","title":{"rendered":"Hiring a Tax Specialist Can Help You Avoid These 8 Common Personal Tax Mistakes"},"content":{"rendered":"\n

Are you worried about personal tax mistakes? Then you need to hire a tax specialist<\/a>.<\/p>\n\n\n\n

Making mistakes on your personal taxes is surprisingly common. In fact, countless people make the same mistakes every year. Although they’re common, these mistakes can result in serious consequences, like an audit from the IRS<\/a>.<\/p>\n\n\n\n

To avoid this situation, you need an experienced tax specialist on your side. In this guide, we’ll show you some of the most typical tax mistakes that a tax specialist can help you avoid. Keep reading to find out what they are!<\/p>\n\n\n\n

1. Using an Incorrect Filing Status<\/h2>\n\n\n\n

There are five main ways to file your taxes: single, married filing separately, married filing jointly, head of household, or qualifying widow(er) with a dependent child.<\/p>\n\n\n\n

Each of these filing statuses has a specific meaning. You can’t just pick the one that sounds the best – you need to understand exactly what each one means, and choose the status that correctly fits you.<\/p>\n\n\n\n

For example, if you’re a single woman who receives child support, did you know that you can often qualify as the head of household? If you have that status and you’re still filing as single, you’re losing money.<\/p>\n\n\n\n

If you’ve just recently gotten married or gotten divorced, you’re probably prone to using the wrong filing status. This can cause many issues with your return, including causing underpaid or overpaid taxes.<\/p>\n\n\n\n

Keep in mind that even if you’re no longer sharing a house with your former partner, you might still be considered married for tax purposes. Some states have legal separation that can be counted as divorce for your taxes.<\/p>\n\n\n\n

But in states that don’t offer that option, if you were legally married at the end of the year, you have to file as a married person.<\/p>\n\n\n\n

2. Filing Late to Avoid Payment<\/h2>\n\n\n\n

If you owe money on your taxes that you can’t pay, filing late is not the right way to handle it.<\/p>\n\n\n\n

Sometimes, people may think that the best course of action is waiting to file until they can make the payment. Or, they might become so overwhelmed by the thought of not being able to afford the payment that they don’t file at all.<\/p>\n\n\n\n

Neither one of these is a good choice. When you file late, you’re actually making your money problems worse, not better.<\/p>\n\n\n\n

The IRS can impose some hefty penalties and fines<\/a> on those who don’t file on time, especially when you’re the one that owes money. Most of the time, the penalty for filing late is 5 percent of what you owe for each month that you don’t file.<\/p>\n\n\n

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\n Evaluate your tax situation\n <\/h2>\n

\n By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden and make informed decisions about your financial future.\n <\/p>\n \n \n\n\n

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