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Posts Tagged ‘tax deadline’

How Not to Spend Your Tax Refund

April 19, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

The average refund amount for the 2016 filing season is $2,798. This may seem like free money from the Treasury Department, but this amount represents the excess taxes you paid the previous year. How you use your tax refund really depends on your financial situation and your immediate needs. However, there may also be temptation to spend your extra money on non-essential items. Bankrate ...

Common Deduction/Credit Errors

Making errors in deductions and credits can ultimately result in having to pay back taxes. Additionally, after the filing deadline, any taxes owed will be compounded by penalties and interest. In order to avoid an IRS issue, taxpayers should avoid errors in deductions and credits, such as: 1. Claiming Charitable Contributions A large number of taxpayers deduct charitable contributions on their return. Only contributions to charities ...