Tax Mistakes Are Expensive – But Avoidable

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Via Nappy
Shiavon Chatman
January 24, 2022

A lot of people filed their taxes incorrectly last year! That means a lot of us OWED the government money – or didn’t get the full refund WE were owed. To avoid this from happening to you, be prepared! Here’s what you need to do.

#1: Keep Track Of Important Documents

It's important to keep track of documents, like stimulus checks and child tax credits, but especially W-2s, because they’re mailed out in the new year. If you’ve moved in the past year, contact your employer, or past employers, so your documents aren’t sent to the wrong address.

#2: Donations

Did you donate this year? You can include it on your taxes, and there’s no minimum dollar amount required. But, you can also include clothes, food, or donations of goods – just make sure to ask for a receipt when you do!

#3: Get Help!

Tax jargon can be confusing – but hiring a professional can be expensive. However, there are plenty of affordable, helpful websites, like Credit Karma and TaxAct, that can walk you through the process!

Tax season can be a dreaded time, but if we prepare early and understand exactly what’s asked of us, we can avoid procrastination and hopefully minimize our tax bill and/or get a nice return!

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