Category: Tax Mistakes

When most people think about losing money, they picture bad investments or unexpected expenses. But one of the biggest wealth drains isn’t flashy at all — it’s the small, everyday tax mistakes that quietly eat away at your hard-earned money.

Here are three to watch out for:

1. Filing Status Errors
Choosing the wrong filing status can cost hundreds or even thousands. Married couples often default to ‘Married Filing Jointly,’ but in some cases, ‘Married Filing Separately’ or even ‘Head of Household’ may save more.

2. Ignoring Retirement Accounts
Skipping contributions to retirement accounts like Roth IRAs or employer 401(k)s leaves tax savings and compounding growth on the table. Even small, consistent contributions can add up to major long-term wealth.

3. Poor Recordkeeping
Untracked receipts, mileage, or charitable donations mean deductions you can’t claim. A simple system for keeping records can put money back in your pocket every year.

👉 The Bottom Line: Taxes don’t have to be mysterious. With the right strategies, you can avoid costly mistakes and keep more of what you earn.

📘 Ready to stop leaking money to the IRS? Download the Free Smart Tax Wealth Guide and take control of your financial future.