Tax Planning

5 Bad Decisions That Could Cost You Money at Tax Time

3/26/2020

Completing and filing your income tax return every year is part of the responsibility of being an American. Whether you owe taxes to the government or the government owes you a refund, it's an obligation that you can't ignore and also can't approach with a careless attitude. Get it wrong and you're either cheating yourself or you're cheating the Internal Revenue Service – and even if it's just a matter of “forgetting to carry the one,” they're going to come after you for it.

Making mistakes on your taxes doesn't make you a bad person, but it sure can cause headaches. The best way to avoid missing out on money you're owed or getting an ominous-looking letter from the IRS is to take your time and take the process seriously. Some tax errors are more commonly made then others, including the ones below:

1. Missing the deadline for filing.

In a normal year, taxes are due on April 15th or the weekday closest to that date. (Of course, with the current COVID-19 outbreak, this year's tax deadline – filing and paying for the 2019 tax year – has been delayed to July 15. Stay tuned for more updates throughout this tax season.)

If you aren't going to be able to complete and send your taxes in by the deadline, at the very least you need to file for an extension or you'll face a penalty of 5% of your tax bill for each month that it is delayed. That penalty adds up the longer you put things off and can go as high as 25%.

Though people who are owed a refund don't generally get charged a penalty, filing late will delay you receiving that money, and that's just silly. By planning ahead and getting yourself organized well in advance of the deadline, you'll be able to avoid the failure-to-file penalty. If you are putting it off because you fear that you'll owe money that you don't have available, that is another mistake. You are much better off sending in the paperwork and negotiating a payment plan than skipping the entire exercise.

2. Not paying your taxes.

Whether you file your return on time or request an extension or payment plan, the government wants their money. They will make sure that you know how serious they are about it by assessing a failure-to-pay penalty of 5% of your total tax liability for each month that you delay paying – and that can quickly add up to a maximum of 25%. If you combine not filing with not paying, the government gives you a break – they won't penalize you more than 5% of your tax bill per month late.

The best way to avoid the scenario of owing money to the government is to make sure that you're saving a portion of your income each time that you're paid and applying it to your tax liability. If you haven't saved – or haven't saved enough – there are payment plans available that can be arranged and which will eliminate the agency charging you a penalty. These plans might consist of monthly payments, or depending upon your situation and what the IRS believes you can manage, you might be able to settle on an Offer in Compromise which provides a lower amount agreeable to both sides to consider the outstanding balance resolved.

3. Failing to report all of your income.

The Internal Revenue Service has been around for a very long time, and they are very good at what they do. If you think that you are going to be successful at hiding money that you've earned in order to avoid paying taxes on all of your income, you'd be wise to think twice. They have their ways of figuring out that something doesn't add up, and when that happens they will track you down and expect a good explanation.

If you get a letter asking you to explain a discrepancy and your answer is unsatisfactory, you'll likely find yourself enmeshed in a process known as an audit. This will likely require representation by an attorney and the potential for the imposition of both fees and prison time if you're found to have evaded taxes. It is definitely cheaper and smarter to report your income accurately and pay the taxes that you owe.

4. Improperly claiming deductions and credits.

The government has passed all kinds of legislation and tax laws providing credits and deductions that either serve as incentives for specific actions or provide an offset for an economic burden. Though it may be tempting to indicate that you've donated large sums to charity or paid significant amounts of money in medical expenses in order to lower your net income and increase your refund, the IRS will penalize you if they learn that your claim was fraudulent.

If you're actually entitled to deductions or credits, make sure that you can prove it by keeping receipts and pertinent paperwork. Also, just because you were entitled to a deduction or credit one year doesn't mean that you will be able to take the same one again the following year. The laws change every single year, so while you may have been entitled to write off expenses up to a certain point one year, there may be a bump in the threshold that eliminates your eligibility the next. If you're not absolutely sure, ask your tax professional before getting yourself into unnecessary trouble.

5. Failing to take advantage of the credits and deductions you deserve.

Unfortunately, many taxpayers are either uninformed or too timid to request deductions and credits to which they are entitled. Failing to learn all the possibilities can leave a lot of money on the table – and why should you do that? Make sure you keep all your receipts throughout the course of the year, as they may add up to more than you anticipated at the beginning of the year and put you over certain thresholds and lead to you getting money back.

Making sure that you keep out of trouble and get the refund you deserve requires planning, organization, integrity and attention to detail. If you take the time to do it right, you'll end up much better off.

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Spencer Wilson

Spencer Wilson, EA is a tax preparer based in Long Beach, CA. Spencer Wilson Financial Management Services has been serving the Greater Los Angeles Area and Orange County since 2004. <br /> We began in the heart of Naples in Long Beach and we continue to work hard offering tax preparation and planning, business accounting and bookkeeping and payroll services . <br /> We have helped many different people and businesses succeed financially and take control over their finances.

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TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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