5 Big Tax Mistakes and How to Avoid Them

FEBRUARY 27, 2023

No one likes paying taxes, but you can ease the pain by avoiding these common pitfalls.

Forgetting to report all your income

Before filing, make a list of all expected income sources. If you’re missing a 1099 or W-2, ask the issuer for a replacement form or online access to the original.

1

Missing out on last-minute tax breaks

You have until April 18 to contribute to  to an Individual Retirement Account (IRA) and Health Savings Account (HSA) for the 2022 tax year. Both can shave your tax bill this spring.

2

Failing to consider itemizing deductions

The standard deduction is best for most people, but if you paid more than $12,950 in medical bills, mortgage interest or other write-offs in 2022 you could save big on taxes.

3

Paying to file when you can do it for free

If your adjusted gross income was $73,000 or less in 2022 you can use IRS Free File instead of paying $100 or more for a commercial program.

4

Putting it off till the last minute

Waiting until tax day, which falls on April 18 this year, will leave you scrambling and more prone to mistakes. And it’s harder to get last-minute help if you need it. 

5

Do Tax Season Right This Year

Best Way to File Taxes

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