Falling Behind on the Latest Tax News
We've already established that keeping up with the latest changes to the tax code can be quite a challenge, but you can miss out on some major opportunities if you fall too far out of the loop. This year, for instance, first-time U.S. homeowners who purchased their homes in 2007 and 2008 are eligible for substantial tax credits. The IRS also posts the latest news for individuals affected by natural disasters, as well as information about the latest tax scams or even Super Saturday, when the agency teams up with community partners to prepare qualified individual tax returns for free.
The easiest way to get this information is through the IRS Web site, irs.gov (the "Latest News" section is particularly helpful). Looking through some of the agency's resources can be time very well spent. You can also talk to tax professionals about your situation. If they're knowledgeable and current on the latest changes, and they should be if you're paying them, they can tell you of any credits or rebates that might apply to you. After you've read up on the latest changes and filed your tax returns, make sure to avoid the next mistake on our list.