Biggest tax mistakes people make

Just one slip in filling out your forms could result in a larger tax bill, a smaller refund or even an audit.

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VIDEO ON MSN MONEY

147Comments
Jan 9, 2014 9:33AM
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Once again examples of the unecessary complexities in the tax code to allow politicians to be able to discriminate among US citizens.  It started in 1913 and the implementation of the "progressive" income tax. 

 

It should be an Equal tax.  Equal for every US citizen, regardless of age, sex, religion, marital status, income, etc.  Equal per head.

 

If not enough revenue is generated to fund those things in excess of what is explicitly called for by the constitution, then cut them until it does.  If it does not fund those things that are required by the constitution raise it until it does.

 

But quit using the tax code to allow politicians to pick the winners and losers in society and buy voting blocks.

Jan 9, 2014 9:38AM
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Yes, everyone should update their filing status to EXEMPT, and stop financing our 2 criminal enterprises currently known as democrats and republicans.
Jan 14, 2014 4:33AM
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H&R block charges as much and even more to prepare your taxes than a seasoned tax attorney.  It is a crying shame how much they sucker out of people.  Their preparers study tax codes for just weeks.
Jan 9, 2014 2:44PM
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Biggest tax mistake? Not using enough lube!
Jan 9, 2014 1:05AM
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fly under the radar....................................................if you are old and retired, you probably paid this government enough money throughout your life as I have.Be invisible to these people.
Jan 14, 2014 5:39AM
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There was NOT one in the list that would save one ANY money. Pathetic.
Jan 14, 2014 11:01AM
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Complicated tax codes provide a fertile environment for corrupt politicians to thrive in.
Jan 9, 2014 10:38AM
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Un doubtedly the best example of our government  serving the people.
Take something that should be as simple as 10% of30k is ............................
and turning into something people with accounting degrees can't comprehend.
Well done.
Yup, been audited twice and paying two installment agreements.... while looking for work

Own my house (for now), 5yrs ago HAD 2 cars , Harley, 'round 20k in toys. Been working full time scince high school and highest income in past 30yrs was 35k. Livin' good !
Not anymore.
Point being you folks who assume you haven't got the kind of money the new army of IRS agents will be looking for, are WRONG. 
Jan 9, 2014 9:44AM
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The worst thing anybody could possibly do, is elect liberal, POS demowits. Their motto is - borrow, tax, spend and redistribute the working mans money and give to the low-information idiots that vote for demowits.

Jan 9, 2014 12:36AM
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My biggest tax mistakes...  Not buying what the government thinks I should buy, when I should buy it, and making too much money.  A home, a car, energy efficient appliances, no kids, no EIC...
Jan 14, 2014 8:22AM
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For a change, here is something nice about the IRS.  Several years ago, I prepared my own return.  When my refund turned up in my account, it was for $200.00 more than I expected.  Then I got a letter from the IRS that I had made a math mistake (uh oh) and was actually owed more money.  Now that was a pleasant surprise.  I didn't know they would correct an amount in your favor!
Jan 14, 2014 7:34AM
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If people submitted paper returns the IRS wouldn't be able to handle the volume.  They expect a certain percentage to be filed electronically.  They basically wouldn't have the man power to process all that paper.
Jan 14, 2014 11:34AM
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Biggest mistake I've seen people make is letting mega-billion dollar companies like GE and Verizon pay "ZERO" taxes at the end of the year....
Jan 14, 2014 8:33AM
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Be ready for a BIG Hit when you opt to close an investment account....
After 9-11, my wife and I lost most of a fund with a big investment company. About 10 years later we chose to close it to try and keep what was left.
two years later we got a bill for IRS from some city out in MO for about $1,600+ for taxes due on the income we were supposed to have made on that account. ($7,000 + or -) Net Gross Income??
We paid that, then the next week, we got a bill from NY IRS office for a similar amount, and two or three weeks later we got one from the MA IRS office for another similar amount. Three Bills, for three different amounts, from three different cities for the IRS for the same tax bill.
I wrote them a letter and told them they needed to compare notes and make up their minds.

Jan 14, 2014 5:44AM
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MSN: Failing to double-check your work.

Don't you mean 'daaaable check?'
Jan 14, 2014 11:16AM
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Be careful and be sure you keep accurate records of all deductions and be sure everything is accurate when filing. All this mentioned in the article is already common knowledge to anyone who has enough sense to avoid these errors. I wished MSN would report something most people don't know about.
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Every single piece of advice on this is a waste.  Seriously, been filing for years and have never come out above the standard deductible.  How is it that people cannot fill out a 1040EZ?  If you have to pay to have that done you deserve it.
Jan 14, 2014 11:57AM
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Hey....Good God. Everyone Is Mad at the govenment or Democrats or Republicans the Left or Right. In the long run. People who want something for nothing. Get mad for the nothing they just got. And these other people who said my vote don't count will get nothing and less to say. Now your tax dollars are working hard to keep you wanting for more. More on who to blame while your paying more in taxes next year. Just look at how your money. Yes, Your money is being wasted everyday. If you care. VOTE. You Do Count. 
Jan 14, 2014 10:48AM
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They're missing one of the most important tax advantaged plans: The HSA. It puts YOU in control of investments and your healthcare dollar. Unlike a conventional IRA it is not tax deferred, it is tax exempt, as long as you use it for medical purposes, which include a far broader definition than your regular insurance. When you retire, you can use it as an HSA or an IRA and you can will it to your family. Unlike an IRA, if you need it for medical expenses, you can access it easily before retirement. (Liberals hate this.)
Jan 14, 2014 9:28AM
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WOW....one tiny slip up and you're toast....and to think "you" the jackass reader along with the people that printed this  story voted for these very same people that created this.
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