Tax Tips and Common Mistakes

The new year keep creeping up and it will be 2015 in just a few weeks. Unfortunately it’s also time to slowly start gathering up all of your W-2, receipts, and all financials statements. In order to keep things rolling around smoothly, and make sure that you get back everything you should, take a peek at these tax tips and common mistakes.

Don’t Forget Your Name!

After mind-numbingly shuffling through papers, files, receipts, and staring at a computer screen for far too long, it’s a simple mistake to completely overlook the little box for your signature. Without your signature, the tax return is invalid, so make sure to double check that you signed!

Show Your Work

Okay, so this isn’t math class and you don’t actually have to show your work, but do make sure to double check your figures to see that everything is correct. Individuals who don’t file electronically are more likely to make an error while calculating; if there is a mistake, you may end up owing more money than you originally thought and your return will also be delayed.

Keep a Copy

You’re probably trying to eliminate paper work piles and all of the stacks of folders you have stashed away somewhere, but it’s always a good idea to hold on to your returns from past years just in case you realize that you’ve made a mistake. If you do notice a mistake, you’ll be able to file an amended U.S. income tax return and hopefully receive that money you missed out on.

Deductions

Make sure to do your research and deduct what you can. There are plenty of cases where people try to get away with more money when possible; there also are equally as many where taxpayers did not realize they were eligible for a number of tax credits or deductions.

What’s Your Number?

At this point, you more than likely have your own social security number memorized, but you might want to double check what your spouse and/or children’s numbers are. This isn’t exactly a good time to guess because things can quickly become messy with the IRS and your return will be greatly delayed.
We hope that these tips help or at least  serve as simple reminders. At Mazda of Lodi we also have some financing tricks and tips up our sleeves when it comes to purchasing a new or used vehicle. Our financing experts will be able to help you with: online credit approval, calculating your trade in value, figuring out monthly payments, and determining your fuel savings.