Time is winding down to get your taxes done before next week's deadline. What mistakes are you likely to make?
The IRS looks at millions of tax returns each and every year and they say there's one area where you're likely to make a mistake if you don't double and triple check. Bad math is the number one mistake by far. The good news is a math error is unlikely to trigger a full audit.
People also forget to report interest and dividends. The IRS cross checks all statements from banks and brokerage houses. If you forget, you'll get a friendly letter from the IRS.
Another mistake: getting married. No, we're not telling you not to get married. But sometimes postponing a Christmas wedding until New Year's Day could save you enough money to pay for the entire honeymoon. Do the math, then take the vows.
Don't lose track of your receipts. Keep them all for at least 3 years, you could need them.
Watch out for failing to bunch deductions. Elective medical expenses may give you a deduction if you take them in the same year. The best advice you can get is that even though tax day is right around the corner, don't rush. You can still take your time.