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Posts Tagged ‘tax errors’

Common Deduction/Credit Errors

Making errors in deductions and credits can ultimately result in having to pay back taxes. Additionally, after the filing deadline, any taxes owed will be compounded by penalties and interest. In order to avoid an IRS issue, taxpayers should avoid errors in deductions and credits, such as: 1. Claiming Charitable Contributions A large number of taxpayers deduct charitable contributions on their return. Only contributions to charities ...