April 1, 2013

Via LearnVest By Jacqui Kenyon ~

tax mistakesWhen you think about tax mistakes, you might be inclined to think that people would accidentally take an extra deduction or claim a little less income than they should.

However, according to CNN Money, the most common tax mistake in 2011 accounting for almost half of all taxpayer goofs was one related to the Making Work Pay Credit. Many workers were unaware that they qualified for the credit, which is worth $400, and therefore I.R.S. workers had to recalculate those workers’ taxes.

The good news is that tax mistakes are down. In 2012, 2.7 million taxpayer errors were recorded, which is less than half of the 6.6 million mistakes of the preceding year.

Experts credit the wide availability of tax software for the decline in mistakes on tax returns.

It is a lot harder to make a math mistake when a computer program is doing the work for you, Thomas Cooke, a professor of accounting and business law at Georgetown University, told CNN Money.

The post Americans Amp Up Their Tax Game appeared first on SuperMoney!.