Avoid These 10 Common Tax Mistakes
Forgetting to update one’s household status.
4 of 11
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.
Deducting too many—or not enough—business expenses.