GRAND JUNCTION, Colo. Whether you are filing your taxes yourself or having a tax preparer do them for you, there are some common mistakes that you should know about.
For businesses owners it's important to pay close attention to tax depreciation rates, and for simpler tax returns, make sure to look over taxes paid to the state and ceilings for medical contributions.
"If you do not file your taxes on time, they will hit you with a penalty, it's usually about a five to eight percent plus interest, compounded on a daily basis, tells us tax prepare" says tax assistant Larry Wilkinson.
Penalties can be avoided by filing by the April 15th deadline or you can file for an extension until October 15th.
There are now many do-it-yourself tax programs available in stories if you want to avoid making a trip to the tax office this year.