Wednesday, May 8, 2013

7 Worst Mistakes You Can Make on Your Tax Return

http://www.grandparents.com/money-and-work/saving-and-investing/tax-return-help




 Taxes are tricky. Avoid these little slip-ups that can cost you big.
By Cari Wira
There’s no doubt about it: Taxes are tricky. And making a mistake can cost you big—in penalties, paying more than you need to, or by raising a red flag and prompting the IRS to audit you.
“Mistakes on your tax return often come from simply being confused,” says Jackie Perlman, principal tax research analyst with The Tax Institute at H&R Block. But there is help available. Through their Tax Counseling for the Elderly (TCE) program — "elderly" sounds alarmingly old, but it means age 60 and older in this case — the IRS offers free tax help with volunteers who specialize in questions about pensions and retirement issues unique to seniors. And if you earn $50,000 or less you might qualify for free tax return preparation through the IRS’s Volunteer Income Tax Assistance program (VITA).
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