Avoid these common taxpayer mistakes.
Taxpayers complain enough each April about income taxes without the added headache of paying more than their fair share. According to the Institute of Certified Financial Planners, here are some common mistakes to avoid that will make the process less painful and possibly put more money in your pocket.
* Poor record keeping. Incomplete or disorganized financial records can lengthen the time it takes to prepare your return, boost the cost of having a professional prepare your taxes, or cause you to miss out on valuable deductions because you overlooked or can't prove them.
* Failure to contribute to a tax-deferred retirement plan that not only lowers your immediate tax bill, but helps you build a bigger retirement nest egg. Thirty-four percent of eligible workers don't participate in one of the most popular forms of retirement plans, the 401 (k).
* Withholding too much pay. Each year, millions of taxpayers receive tax refunds, often $1,000 or more. They have lent the government money tax-free over the past year. Consider reducing your withholding and invest the extra take-home pay.
* Wrong investment basis. Since 1995 was a great year for many investors, you may have taken some of those profits by selling all your shares in one or more mutual funds. You'll pay taxes on the difference (capital gains) between what you invested in the fund (cost...
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