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Srbo Radisavljevic
Managing Principal/Investment Advisor

Edge Portfolio Management

City:Northbrook

State: IL



BIOGRAPHY:
At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, following Chicago sports, enjoying ethnic cooking, and serving as a school board member for Norridge School District 80.

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Did You Sign Your Return (and Other Avoidable Tax-Filing Errors)

In preparing your taxes, it’s the littlest things that can trip you up, delay your refund, or come back to haunt you in the form of penalties. 

| BY Donald Liebenson


In preparing your taxes, it’s the littlest things that can trip you up, delay your refund, or come back to haunt you in the form of penalties.

You may be focused on the big picture—getting the numbers right—but have you signed your return? Did you give your correct social security number? Did you attach the necessary documents? These aren’t rookie mistakes. They can happen to the most seasoned (and harried) taxpayer.

Above all, experts encourage taxpayers to resist the urge to procrastinate on their taxes. The earlier you start, the more time you have to organize and have your documentation in order. “If you rush to meet the filing deadline, you may overlook possible tax savings,” warns the Internal Revenue Service website.” You are also more likely to make an error.”

Errors in math and computation are to be avoided, of course, and using tax preparation software can help cut down on these. Other errors are more maddening in their carelessness, such as misspelled or different names. “When the names of a taxpayer, his or her spouse or their children don’t match the tax identification number that the Social Security administrator has on record, that difference will cause the IRS to kick out or slow down processing of the tax return,” Bankrate.com notes.

Related to the misspelling of names is double-checking social security numbers as well as bank account numbers for taxpayers taking advantage of the option to have their refund directly deposited.

Another kick-myself error that many taxpayers make is failing to sign and date their return. For those filing electronically, this means using a personal identification number (PIN). Not keeping a copy of your return is another simple mistake that could cost you should you be audited. It is recommended you hold on to past returns for at least six years.

Other errors are of the “the more you know” type. For example, not noting all charitable contributions, or being unaware of the most recent tax law changes, or even incorrectly marking one’s filing status. These could have a bearing on your tax bill.

IRS.gov has a handy checklist to help minimize your errors and make filing less taxing. Along with those listed above, the list includes:

Did you check the appropriate exemption boxes for your personal, spousal and dependency exemptions?

Did you enter your income on the correct lines?

Did you put brackets around negative amounts?

Did you attach all necessary schedules and forms in sequence number order?

If you owe tax, did you enclose a check or money order made payable to the “United States treasury” with your return, and include your name, address, Social Security number, daytime telephone number, tax form and tax year on the payment?

Go here for the complete checklist.

 

 



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.