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Knowledge Byte: What to Look for When Filing Taxes

March 31, 2015

With the deadline to file tax returns less than two weeks away, Cal State Fullerton assistant professor of accounting Sarah Fulmer has compiled a list of what she believes are the most common mistakes people make when filing their taxes.

From scammers posing as IRS agents to incorrectly identifying the taxpayer and dependents, taxpayers are susceptible to fraud and to committing a number of mistakes during tax season.

Fulmer cautions taxpayers to pay special attention to:

Falling victim to a scam

Scammers have gotten more resourceful. They may send official-looking emails warning you that your information has been stolen or make phone calls with people pretending to be IRS agents and demanding money to be paid, as well as other attempts to steal your identity or gain access to your money.

Alternative Minimum Tax

Individuals with taxable income over $52,800 – $82,100 for married filing jointly – may be subject to the Alternative Minimum Tax. If subject, many of the taxpayer’s deductions are limited or disallowed, often resulting in a higher income tax liability.  Continue reading .

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