6 Tax Filing Mistakes That Can Cost You Money

Are you taking a deduction for retirement account contributions? What about investment management fees? Remember, you can always amend your return.

As a money manager that specializes in managing my client's money tax-efficiently, I have reviewed countless tax returns during my career. In this article, I am going to review six common, yet simple, tax return errors that may be costing you money. By reviewing your own returns for these common mistakes, you can help to ensure that that you aren't paying more in taxes than you should be.

Throughout this article, I will direct you to specific lines on your IRS Form 1040 for you to review. This is the most common form of tax return. If you are lucky enough to file one of the simpler versions of this form (1040-EZ or 1040A), then some of these issues may not apply to you, or they may be reported on a different line on your tax return.

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Michael Rose, CFP®
President, Forthright Investments, LLC

Michael is president of Forthright Investments, LLC, a money management firm located outside of Boston, Massachusetts. He spends his time providing investment management, tax planning, and personalized financial advice to individuals and families. Michael holds a B.S. in Finance and a M.S. in Taxation from Bentley University. He is a Certified Financial Planning (CFP®) professional.