As an international tax professional, Marcela Kane Lantrip has often been responsible for creating tax plans that help the companies she works for reduce the amount of tax that they need to pay. This is an area where many individuals and business owners struggle, which leads to a number of mistakes being made, with the below being amongst the most common.
Many people are still unaware of what they can deduct from their taxes at the end of each year, which leads to them ignoring things that could have reduced their tax bills. Perhaps the most common deduction that people miss out on is charitable contributions, so make sure you itemize everything that you spend, including these contributions, and speak to a professional to find out what you can deduct.
Not Adjusting Withholding
If you have changed to a new job, particularly one that gives you a significant raise, it is usually a good idea to adjust your withholding so that you can take advantage of tax advantages that you may not have been previously eligible for. Once you have adjusted your federal income tax withholding, you should do the same for your state withholding allowances so that you are completely secure when filing your tax returns.
Not Working With Professionals
Financial professionals, like Marcela Kane Lantrip, can provide you with an enormous amount of information that would otherwise take hours of research to discover. For a small investment in securing a professional’s services, you can make enormous savings when it is time to file your taxes.