MEDFORD, Ore. – As the 2023 tax season is underway, make sure that you’re not making some common mistakes.
We spoke with a local tax expert who fills us in on what mistakes he sees every year.
Kevin Craven, enrolled agent and founder of Craven Financial Solutions says it’s his job to sort out misinformation from his clients about filing their return.
The clients that make the most mistakes on their state and federal return Craven says are self employed people who don’t know what they can and can’t deduct as a business expense.
Craven says people will often try to deduct work-related meals not realizing that there are very specific deduction rules that vary by state. Another mistake Craven says, are clients who don’t know if they’re eligible to claim or be claimed as a dependent.
“There’s rules that go along with that and you have to check those boxes all the way through it to make sure. Whether they’re a qualifying child and qualifying relative so there’s different types of dependents as well,” said Craven.
Cravens advice to taxpayers is to let tax professionals help you to get the right refund so that you can avoid an audit letter from the IRS down the line. Craven says the price for fixing your mistakes later on is much higher than to simply do it right the first time.
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