Avoid These Errors When Filing Your Taxes

Dated: 02/02/2017

Views: 79

             TOP ITEMIZED DEDUCTIONS

 1. Taxes, including state and local incometax, sales tax and property tax

 2. Mortgage interest and other housingexpenses

 3. Charitable gifts

 4. Medical expensesSource: Motley FoolTax rules change often and you may qualify forother deductions. Meet with your accountant ortax professional today to discuss all the deductionsyou may qualify for.While there’s no guarantee you won’t be audited, you can reduce thechances of it happening by avoiding these errors.• Don’t overstate charitable contributions. Keep your receipts and besure to use an accurate number.• Don’t incorrectly deduct mortgage points. If you paid points to geta better rate on your home loan, you may be able to deduct them.However, there are guidelines that have to be met first. Visit IRS.govto see if you qualify for this deduction.• Don’t exclude small interest payments. The low interest rates maymake it tempting to exclude small interest payments you receivedon savings and investment accounts from your return. However, anomission may make the IRS wonder what else you may have left out.

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