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The Biggest Tax Mistakes You Can Make

Apr 25, 2019Lifestyle

We all need to pay tax, no matter how much we earn or how we earn it. However, even though it is something that we all do on an annual business, it is still one topic that most of us know very little about. It’s this lack of knowledge that makes it ever so easy to end up making some mistakes with our taxes. Even though these mistakes will usually be small ones that can be easily rectified, there’s still the chance of making some errors that could put you in the tax man’s bad books. In some extreme cases, they could result in you being fined and prosecuted.

Make sure you don’t make any of these common tax mistakes!

Accidental Fraud

If you don’t pay enough tax, then there is a chance that you could be charged with fraud. As you can see at mahanyertl.com, tax fraud is often carried out by large companies and corporations who get away with paying far less than their million-dollar tax bills. But this is still something that individuals can also be guilty of as well. To make sure that you never unwittingly submit the wrong figures on your tax return or miss any paperwork deadlines, it’s a good idea to hire an accountant. They will keep you on the straight and narrow!

Not Working Together With Your Spouse

Did you know that you will benefit from paying less tax if you are married? You will even pay less compared to couples who live together but aren’t yet married. One other advantage is to give investments as a gift to the individual in the couple who earns the least. You should also see if you are eligible to Marriage Allowance, but this will be dependent on your joint salary.

Forgetting To Claim Overpaid Tax Back

Sometimes it’s easy to end up paying too much tax. Don’t worry if you think that this has happened, though, as you can always claim it back off the government. You just need to make sure you claim it back within four years of having paid it. If you’ve passed this deadline, then you might struggle getting the tax refund, but it could still be worth trying.

Not Informing The Tax Man Of Any Changes To Your Situation

Found a new job? Or have you been inspired by blog posts like letsreachsuccess.com and decided to move from full-time employment to freelance life? Either way, your tax situation will have changed, and you will need to let the tax man know. It’s not just your working situation that you need to inform them about. Changes in your personal life, such as getting married or having children, might affect your taxes, so let them know about those too. Failing to do so could end with a fine.

Now that you know all about these easy to make tax mistakes, you will be a lot less likely to make them yourself. Then your taxes should be easier to manage!

Any tax tips?  Comment below!

Best,

[a contributed post]

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