Friday, October 17, 2008

Taxes Can Be Scary: Part 2

Tax Fear # 2:

Afraid That I Will Make an Error That Will Cost Me Dearly

"Ok. Say I file my taxes. But what happens if I make a mistake and owe money? No no, I can’t let that happen. I am just not going to file at all."

Seems ridiculous but some people really do think this way. They believe that at some point while preparing their own tax return, they are going to make some kind of error. This might include choosing the incorrect filing status, forgetting to include additional income, claiming dependents they shouldn’t, or even filing the wrong tax form altogether.

Trust me. It happens to the best of us. We are going to make mistakes and that is how we learn. Do not forget that we learn from not only other’s mistakes, but also our own. If you are afraid of making a goof, slow down and take your time. If you do not know something, ask someone for help. READ THE INSTRUCTIONS. Take the necessary precautions in order not to make a mistake. Simple as that. You cannot let the fear of messing up prevent you from filing your tax return altogether. If you did, pinpoint that as one of the biggest mistakes you can make.

Also, if you do make a mistake, you can file an amended tax return in order to fix it. This is also why it's important to file early... in case you do make a mistake.

- Taxus

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