Stop making these big mistakes on your tax return
CNBC - 02/24/2015
Most Americans would get an “F” when it comes to income tax basics, according to a new NerdWallet.com survey of 1,015 adults. The average respondent scored just 50 percent on questions including the tax implications of Roth IRAs, which volunteering expenses are deductible and the worst tax mistake (not filing).
Don’t think you’re safe if you’re using tax preparation software, either. “The software is only as good as what you put in,” said Tim Gagnon, an assistant academic specialist of accounting at Northeastern University’s D’Amore-McKim School of Business. “It’s a number cruncher.” You might eliminate math errors, but enter the wrong information and you’ll still get a wrong result.