Guidant Financial Group Blog

Please read this before you mail your tax return to the IRS! Yes – Guidant Financial Group is a leader in small business financing and self-directed IRAs but it is “tax time”…and we’re all thinking about taxes!

We searched the web looking for consensus on the top mistakes taxpayers make and, although there are more sources, we liked America Online’s simple report. We have included a summary of the mistakes but feel free to check out the original article! We took out seven…but there are 5 more for your enjoyment.

• Mistake #1 – Bad Math: Math mistakes are one of the leading reasons the IRS adjusts returns. Double-check all figures on your return and use a calculator!
  
• Mistake #2 – Bad Addresses: If you choose to file a paper return, be sure to use the address label off the tax return the IRS sent you.
  
• Mistake #3 – Incorrect Tax Table: If you use the IRS tax tables, be careful to use the correct column for your filing status.
  
• Mistake #4 – The Wrong SS#: Double-check this…
  
• Mistake #5 – Bad Routing Number: Many use direct deposit as a way to get their refunds…make sure you give the IRS the right information.
  
• Mistake #6 – Failure to Report All Income: Don’t try and hide it – under reporting income can lead to criminal charges.
  
• Mistake #7 – Send the Check: If you owe money, don’t forget to send the check!

Guidant is not a Tax Firm and this post was not written by a tax professional. Please check with your tax advisor before making any tax-related decisions. (Our attorney’s made us write that…but it’s true!)