Top 7 Tax Mistakes to Avoid

4. Not mentioning foreign incomes

Even if your foreign income is not substantial and you might already be paying taxes for it in the specific country, you still have to report these earnings to the IRS. If you’re already paying taxes elsewhere, you might not be required to pay them in the US too, but not filling this information to the IRS can land you in trouble for no good reason. Equally, the amount you’re making doesn’t bear any importance – any sum of money can potentially have taxable interest. Many people are unaware of the importance of the mentioning every single income they have, which is why not mentioning foreign incomes takes the 4 place on our list of the top 7 tax mistakes to avoid.

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