Avoid These 10 Common Tax Mistakes

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Forgetting to update one’s household status.

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Changing living arrangements, from new children to divorces to adult children moving back home, can have a major impact on tax filing status. Choosing the wrong filing status can lead to overpaying (or underpaying) taxes. Anyone with a complicated situation, such as sharing custody of an elderly parent with siblings, might want to check with a tax professional to make sure they claim the proper status and expenses.

Next: Deducting too many—or not enough—business expenses.


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