Money Method: 8 Common Tax Mistakes to Avoid

The deadline to file your taxes is quickly approaching. And many of you have placed yourself under enormous amounts of pressure to get those 1040 Forms filled out by April 15. Try not to rush through filing out those forms, because if you make a mistake on your tax return, it will likely take the Internal Revenue Service longer to process it. Which means, your refund will be delayed. The best way to avoid tax filing mishaps is to use IRS e-file. According to IRS.gov, paper filers are about 20 times more likely to make a mistake than e-filers. IRS e-file is the most accurate way to file your tax return.

The IRS found eight common tax-filing mistakes that cross their desks every year. As you try to beat the April 15th deadline try to avoid the following hiccups:

Money Method: Last Minute Tax Tips

Every other day an e-mail comes in reminding me that I need to hurry up and file my taxes. But guess what? I took my own advice and filed my taxes in the beginning of the year. (see: 6 Reasons to File Your Taxes Early) 

The rest of you now have a little more than a week to fill out those 1040 forms. For whatever the reason, nearly 28 percent of Americans wait until the very last minute to get their W-2’s in order. This sometimes leads procrastinators at financial risk because they didn't give themselves enough time to get their tax documents organized.

Now, I am not a tax expert but I am a taxpayer and a consumer… so I’m just passing along the information that has helped me over my tax filing years. Personal finance websites WalletHub and CardHub recently sent along a list of last-minute tax tips from more than 15 experts and provided a guide to avoiding tax scams during this risky time of year.

If you've taken a break from shuffling through your tax paperwork, here are several tips that WalletHub suggest which may help motivate you to get those 1040s signed, sealed and in the post by April 15.

Kim Ramsey's Real Story with PGAD

Rare Disorder Activist, Kim Ramsey, joins Arts of Cultures once again in another episode of Better Said Than Written.

This time around Kim shares her personal story of Persistent Genital Arousal Disorder (PGAD). Kim walks us through when she realized she was suffering from PGAD, finding treatment, and how she recovered from backlash from the Black community, the medical community, and the media.

Click the green play button to get the full story.


Kim's previous appearances on Better Said Than Written:

Episode 04: Introducing Kim Ramsey Pt. 1

Episode 06: Kim Ramsey Pt. 2: Lack of Intimacy in the Black Community

National Poetry Month: Ode to My Shell

April is not just the month reserved for showers that brings May flowers, it's National Poetry Month. In honor of Poetry Month, I'll share my favorite sonnets, haiku, and rhymes. First up is a poem that my son wrote four years ago, he was 13. I share this one almost every year because this is when I realized my son was gifted with an artistic gene.

Money Method: 5 Things to Think About When Filing a Tax Extension

Tax Day is nearly two weeks away. And if you’re reading this post, you probably haven’t filed your 1040 yet. Well, thank goodness for tax extensions. Actually, let me retract that last statement. It’s not a good idea to opt out for a tax extension because there probably will be a price to pay.

John Gregory, a tax practitioner and founder of 1040Return.com, which provides tax solutions for small business owners and individuals, suggests five things you should take into account if you plan to file a tax extension with the IRS.

No. 1 - The Purpose of the Extension. Filing a tax extension gives you a grace period of six months, which pushes your deadline to October 15. However, there is a catch. The IRS allows you the extension for the sole purpose of arranging for and organizing your documents. Do not assume that you are getting an extension for paying off you tax liabilities. You still have to pay at least 90 percent of your taxes by April 15. If you are trying to buy time to put off your tax payment for six months, it won’t be a wise thing to do. The IRS will charge interest on the unpaid tax obligation. This means, you will have to shell out more money.