Login To Your Account


Financial Freedom Community

This site is a resource for Financial Education, Debt Solutions and Tools to assist with Credit Management. All the resources on this site are free of charge. We encourage visitor feedback, Tell us what you want to see more of! Sign up for news & updates and we'll keep you posted on the latest!


Consumer Personal Loans
Credit Card Debt
Advantages of Making Credit Card Debt Payments on Time and Other Tips
Avoiding Credit Card Traps
Credit Card Counseling – Learn Credit Management Tips
Credit Card Debt and Simple Ways to Consolidate Them
Credit Card Debt Consolidation Nationwide Epidemic
Credit Card Debt Consolidation Solutions
Credit Card Debt Help for Senior Citizens
Credit Card Debt Reduction
Credit Card Debt Solutions That Can Help
How to Pay Your Way Out of Credit Card Debt
Paying Off Your Holiday Credit Card Debt
Prevent Identity Theft With a Credit Freeze
Saving Money on Your Credit Card Bills
Terminate Credit Card Debt Without Consolidation
Tips on Credit Cards, Part 1
Credit Collection Laws
Credit Repair Organizations Act
Fair And Accurate Credit Transaction Act
Fair Credit Billing
Fair Debt Collection Practices – Know Your Law
Statute of Limitations
The Fair Credit Reporting Act
The Fair Debt Collections Practices Act
The Truth In Lending Act
Credit Counseling
Can Consumer Credit Counseling Help Avoid Foreclosure
Credit Card Counseling
Credit Counseling a Must for Bankruptcy
Credit Counseling Benefits
Credit Counseling Can Reduce Your Debt
Difference Between Credit Counseling and Debt Settlement
Free Credit Counseling to Help Manage Your Debt
Using Credit and Debt Counseling to Manage Your Finances
What Can Credit Counseling Offer You?
What is Credit Counseling
What to Ask a Credit Counselor?
Credit Education
Consumer's Rights
Establishing New Credit
Finance Charges
Credit Reports and Scores
Credit Repair After Bankruptcy
Do you Know the Benefits of Checking your Credit Report?
Debt Consolidation
4 Valuable Tips on Debt Consolidation
Become Debt Free With Financial Advice
Benefits of Debt Consolidation
Bill Consolidation Loans
Bill Consolidation Advice to Help With Debt
Credit Consolidation: Is It Worth Taking?
Debt consolidation and Ways to Avoid Scams
Debt Consolidation Explained - What Happens if You Don't Pay?
Debt Consolidation Loans
Debt Consolidation Loans for Payday Loan Debt
Debt Consolidation Non-Profit
Debt Consolidation Now Will Improve Your Credit Score Later
Debt Consolidation Provides Relief from Financial Stress
Debt Consolidation Services Helps to Clear Debts
Debt Consolidation – Find Relief To Your Financial Stress
Debt Management Program
Debt Management Program Will Ease Debt Burden
Do You Need Debt Consolidation?
Get a Debt Consolidation Loan to Manage Bad Debts
Government Debt Consolidation Loans
Government Debt Consolidation Loans for Student Loans
How to Consolidate – Debt Help – Consolidate Your Debt Payments
How to Consolidate Bills Effectively When Left in Debt
How to Consolidate Debt
Let the government help you consolidate your debts
The Advantages of Credit Consolidation
Understanding Debt Consolidation Loans
Debt Settlement
Elderly Can Benefit from Debt Settlement
Financial Tools & Calculators
Bill Reminder Tool
Bill Reminder User Guide
Car Loan Calculator
College Savings Calculator
Credit Card Payoff Calculator
Mortgage Loan Payment Calculator
Retirement Calculator
Savings Calculator
Loan Modification Guide – Do It Yourself
Frequently Asked Questions
Step 1: Prepare yourself
Step 2 Gather the necessary documents
Step 3 Know what to expect
Step 4 Contact your lender
Step 5 Review your loan-modification plan
Step 6 Finalize the approval and begin making payments
Home Buying
Build or Buy a Home
Choosing a Real Estate Agent
Home Equity Interest Rate Charges
Home Equity Line of Credit
Home Equity Loan Fees
Managing Your Mortgage
Mortgage Basics
Mortgage Debt Elimination, 3 Things You Must Know
Real Estate Laws
Renting vs Owning
Interesting Money Articles
12 Amazing Facts about Credit Card Debt
12 More Interesting Facts About Money – Part 2
24 Amazing Pictures of Money
Introduction To Budgeting
7 Steps to Successful Budgeting
All You Need to Know About Budget Basics
Basics of Personal Budgeting
Budgeting – How Much?
Debt Management and Prevention Using a Budget
How to Pay Off Debt – Start Budgeting
Maintaining and Budget Planning
Manage Your Debt by Learning How to Budget
The Basics of Budgeting
Transcript – The Basics Of Budgeting
The Importance of a Household Budget
Managing Debt
Debt Relief The Issue of Forgiveness
Get Out of Debt by Changing Your Financial Habits
Personal Finance Management to Reduce Debt
Start Early Teaching Kids Money Management and Savings
Saving Money
Banking & Credit
How 'Charge Offs' Effect You
Insurance & Housing
Money Management Means Setting Goals
Save Money When going to work
Transportation Savings
Utilities and Savings
What Debt Should You Pay First?
Young Couple Finances
Student Loan Debt
Student Loan Default Penalties
Consolidate Student Loans
Student Loans and the Credit Squeeze
Types Of Debts
Auto Loan Prepayment Penalties
Balance Transfers
Credit Card Minimum Payments
Gambling Debt Problem Gambling and Bankruptcy Connection
Holiday Credit Card Debt
Ideas To Save
Inherited Debts?
Six Easily Avoidable Causes of Debt
Ways to Pay Off Holiday Debts
Video Library
Personal Finance Video library
Tax Tips Video library

Free Consultation

McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

Latest Headlines

Latest Infographics

Most Popular Articles

Transcript – Most Common Tax Filing Errors


Article | Transcript | Info Graphic

Scott:               Hello everyone, thank you for joining us. Scott [Tennel] here with DCC Financial Freedom Community. I’m here today with Thomas Abblett, CPA from Boca Raton, Florida. Today, we’re going to talk about … What are the most common filing errors you see when people do their taxes?

Thomas:          Scott, there’s a few of them that people make. One of the biggest ones is the dependency exemptions. Are they allowed to take their child? Are they not allowed to take their child? Can they take a family member that’s living with them? It’s a complex matrix that you have to walk through to do it. The IRS does have some matrices in the instructions that they can go through, or again, if they talk with a qualified professional, hopefully they know the answers to that. That is one big error. It seems silly but it is. The other is when a child files for themselves, if they are a teenager, and they have their summer job, that they put down that they are their own dependent. That’s incorrect. They need to put down that they are dependent on another return, and then their parents get to claim them as the dependent.

Some of the other things, and one of the more common computational errors is involved with the earned income credit. It can be a very large credit for some people, some low income earners that have children, that don’t have children. It is a common error. The one unfortunate thing with that is if you do make an error, and the IRS figures that out they can stop you from claiming that credit for the next 10 years. It’s almost a sizable penalty that you can incur, so you do want to make sure that you calculate that correctly. This day and age, the IRS website still says that there are mathematical errors. I don’t know how that works with all the software that’s out there, but I guess some people still do it by hand, making mathematical errors, picking up the wrong tax rates and tax tables when they compute their returns.

Those are some of the bigger errors right now. The other thing too, is on the deduction side, taking deductions that you may not be entitled to is the thing. Everybody wants to deduct everything, but unfortunately everything is deductable.

Scott:               True.

Thomas:          If you have a business, making sure that it is a true, legitimate business expense that you’re deducting on there, keeping the receipts, keeping the documentation for it is the thing. That’s one of the big things that’s on there. The other is retirement plan contributions. People can take that deduction if they want to make a contribution, even a small contribution to a retirement plan can help tax-wise is the thing, but there are again, some things that you have to step through to make sure that you’re computing it correctly.

Scott:               Okay, excellent. Great advice.

Thomas:          Thank you.

Scott:               Well, from DCC Financial Community, I’m Scott [Tennel] here with Thomas Albot and thank you for joining us.

Thomas:          Thank you.

McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams