11 Common Tax Planning Mistakes

It’s not as sexy a topic as dog treats, but it’s an important one: tax planning mistakes. More specifically, how to avoid some of the most common ones. Kiplinger lists 11 frequent mistakes you should be aware of if you don’t want an unpleasant surprise come April.

  • 1) Ignoring the Alternative Minimum Tax (AMT)
  • 2) Ignoring Entitled Tax Deductions
  • 3) Not Accounting for Mutual Fund Dividend Reinvestments
  • 4) Failure to Track Year-to-Year Carryover Items
  • 5) Failing to Name (or Naming the Wrong) Beneficiary to Your Retirement Plan
  • 6) Not Maximizing Your 401(k) Contributions
  • 7) Missing Quarterly Estimated Tax Payments
  • 8) Not Planning Correctly for Exercising and Selling Stock Options
  • 9) Not Adjusting Withholding When You Change Jobs
  • 10) Contributing to a Roth IRA When Your Income Is Too High
  • 11) Making an Estimated Tax Payment Right After a Big Income Event

“11 Common Tax Planning MIstakes” [Kiplinger]
(Photo: Getty)