When it comes to tax preparation, Austin Kembel with Quick-E Tax in Roanoke says one of the main areas people are not prepared is receipts and having the proper paperwork to file.
Many forget about personal property taxes. Your personal property includes taxes on cars, boats, and trailers.
Also make sure you save your receipts when you give to charity. Tax preparers can get you up to $500 without receipts but you can get the full amount if you keep your receipts throughout the year.
Business owners, especially new business owners, often forget to keep track of receipts for office supplies and every day expenses which are all tax deductible.
Student Loans are also tax deductible. If you're paying less than $600 per year, many times you won't even receive a tax form in the mail which is why many forget to claim their student loans.
Tax experts suggest putting money into your 401K. Many employers will match up to 6 to 9 percent, and some companies even dollar for dollar.
It's also a good idea to put money towards a flexible spending account.