Posted by & filed under Intro to Personal Finance (Grable & Palmer), Personal Finance.

This article by Perez and Howard mentions that the average tax return in 2020 was $2549. However, in many instances these returns can be fraught with mistakes and be delayed for long periods, and in some cases permanently. The article goes on to mention 8 tips that any tax filer can follow to avoid the mistakes. These tips can not only avoid mistakes when filing taxes but provide useful information that can better prepare taxpayers as well as give some insights that can prove advantageous.

 

https://www.thebalance.com/finishing-up-your-tax-return-3193151

 

Questions for Discussions:

  1. .Based on the information in the article, what are some ways to settle the IRS debt in case you are not able to settle your tax obligation in full for any given year?
  2. The article recommends using tax return software. Many people still feel comfortable getting their taxes done by professionals. How do you feel about tax software vs going to a professional?
  3. According to the article, surprisingly many people commit a very common mistake when filing taxes. Which one is it, and are you guilty of committing this mistake in the past?
  4. How does increasing the withholding help the taxpayer?

 

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