Terry Selb Discusses the Most Common Tax Mistakes

Terry Selb

January 11, 2021

Terry Selb

In Order For Everyone To Minimize the Money They Owe In Taxes, It Is Critical to Know the Most Common Tax Mistakes and Terry Selb Is Here To Review Them

There is a saying that the only two certainties in life are death and taxes; however, people do not necessarily have to pay a lot of money in taxes as long as they know what they are doing. Terry Selb has a lot of experience when it comes to taxes and he has seen a lot of people make numerous mistakes when it comes to taxes. There are a few common mistakes that everyone should know.

Terry Selb Explores the Difference Between a Tax Deduction and a Tax Credit

First, Terry Selb wants to make sure that everyone understands the difference between a tax deduction and a tax credit. A tax deduction is a subtraction that is made from someone’s gross taxable income. One of the most common examples of a tax deduction is the amount of interest that people pay on their mortgage. In contrast, a tax credit is a subtraction that is made from the amount of money that someone owes in taxes. In this manner, Terry Selb knows that a tax credit is better; however, they are often harder to come by. One of the most common tax credits is the money that people spend on solar energy systems.

Terry Selb Reviews the Definition of a Dependent

Furthermore, Terry Selb wants to make sure that everyone knows the definition of a dependent. A dependent is someone who relies on the taxpayer for assistance, such as children. Sometimes, parents can claim older children as dependents as well; however, Terry Selb wants to highlight that people cannot claim pets as dependents. In the past, many people used to list their pets as dependents. This is no longer possible, as people have to include the social security numbers of everyone who is being claimed as a dependent. In addition, dependents are another way that people can save money on their taxes, so do not overlook this key step.

Terry Selb Discusses the Importance of Hiring a Tax Professional for Assistance

Finally, Terry Selb would also like everyone to know the importance of hiring a tax professional for help with taxes. While people do not want to have to spend any more money than they have to when it comes to taxes, there are cases where an accountant can actually save someone so much money on their taxes that this could exceed the amount of money they are paying an accountant. Therefore, Terry Selb encourages everyone to think about working with a tax professional. In addition to saving a tremendous amount of time and stress when it comes to taxes, this could help people save money as well.