12 Common Tax-Filing Mistakes You Can Avoid
Bankrate has 12 common and avoidable mistakes people make when filing their taxes.
There’s tips like three popular tax breaks that had expired (state sales taxes paid, educator’s expenses, and tuition and fees) were renewed last year, fluctuating hybrid vehicle credits, and a change in the taxes on accounts held by young investors:
Previously, once a child turned 14, unearned income was taxed at the youngster’s lower tax rates. Now, the qualifying age is 18. Until they reach that age, any earnings in excess of $1,700 are taxed at the parent’s ordinary income rate. This change was enacted in May 2006, but was made applicable to all of last year’s earnings.
A good checklist of things to check for before filing your return. — BEN POPKEN
12 common tax-filing mistakes you can avoid [Bankrate]
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