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SMALL BUSINESS
Its that time of year again. Time to collect those W-2s, 1099s and other tax forms. And dont forget the Maalox.
Filing one's taxes ranks close to battling food poisoning on the master list of life's little unpleasantries. Granted, most folks do ultimately get refunds - an estimated 78 percent of filers got refunds in 2003, according to the most recent figures provided by the IRS. But that doesn't make the process any less confusing and frustrating.
Fact is, mistakes abound when it comes to filing taxes. The IRS estimates that 12 percent of paper returns will have some kind of error. Happily, the silliest mistakes - not signing your forms, making mathematical errors and writing illegibly - are also the easiest to fix. Just use tax-preparation software and file your return online, advises Anthony Burke, an IRS spokesman. Its faster and inherently more accurate, he says.
But not all of the biggest tax blunders are easily found - or corrected. Weve collected five of the worst, along with recommendations on how to avoid making them in the first place.
More From SmartMoney
Here are five more tax tips that you won't want to miss.
- Tax Breaks on Home Sales
- Borrowing From Uncle Sam
- Overlooked Tax Savers
- More Time From the Tax Man
- High Income Tax Breaks
- Much More From SmartMoney.com