You should have your W2 form, 1099's, and bank statements in the
mail by now.
So you know what that means: We've officially entered tax
Unfortunately, in our eagerness to complete our forms and
get our refund a soon as possible, many of us make simple, sloppy
2011 Changes Can Mean Mistakes
Watch out this year. Some deductions you were able to take in
2010 -- such as for energy efficiency or sales taxes on a new car
-- are no longer deductible in 2011 (in a handful of states, like
Florida, sales tax can still be deducted in lieu of income tax).
Meantime, many taxpayers continue to deduct things that
never were deductible in the first place ....ever.
Things You Can't Deduct
Deducting commuting costs are one of the top illegal
deductions, according to AOL's consumer website
Others include gambling losses that exceed your gambling
And most home repair.
Doesn't That Stink?
But from the "doesn't that stink" file, the fact that the the
IRS makes it easy to make an error.
For instance: Gas.You can deduct the cost if your car is
used for business, but not for driving to work: Confusing? Sure.
Doesn't that stink?
Finally, the most common mistakes:
Incorrect Social Security numbers.
Claiming a child who is no longer longer eligible to be a
And the number one mistake: Math errors.
Double Check Your Work
Bottom line, double check your work, even if using a program
like turbo tax.... because if you enter a wrong number, and the irs
catches it, its your fault.
And make sure you have all your documents in hand -- all of
them -- before you file, so you don't waste your money.