Anchor: Days and counting to tax day. You must submit your Federal Tax filing by Tuesday, April 15th.
Anchor: Yeah, that’s right. Financial adviser, Kurt Pearson, is joining us now. And people probably make mistakes on their tax forms pretty often but what are the most common mistakes.
Kurt: Well, I love reading these lists because some of the most common mistakes are just simple, human errors. People fill out their tax return but they forget to put their Social Security number on the form – that’s going to get it kicked right back.
Of course, other basic data; date of birth, or address is wrong compared to IRS records, other types of basic data. Obviously, computation issues; basic addition and subtraction as you’re going through the compilation of the return that’s another thing that happens
Another one that’s kind of new this year to the list that I’d been monitoring now for several years, is people check multiple filing statuses. You only check one of those. And so you have to make your decision; you can’t check two or three. Those are some of the most common errors on the form itself.
Anchor: Well, on a lot of people their due deductions. But a lot of people don’t get that money because they don’t put on those deductions on their filing. What are some of the most common?
Kurt: Yeah, when you’re doing your tax return you really have to think back to the story of your life over the past year because that’s going to give you some clues as to what deductions you may actually qualify for.
Educators of course, those who are teaching can deduct up to $250 from when they bought supply – if they bought supplies for their classroom during the year, that’s one.
Of course, higher education expense, you may qualify for that if you are paying college tuition of any sort. Job hunting expenses is what I love to bring up because about 56 cents a mile you can deduct for hunting for work. So think back over the story of your life over the past year and then think about, “Hey, do some of these deductions apply?
Anchor: Alright, Kurt Pearson, Compass Financial, thank you very much. Kurt is a Certified Financial Planner. You could get in touch with Kurt, at Compass Financial at West Desmoines. Phone number there; phone number 515-327-1020. Or you can also find him online.