Lifestyle

Finance Tip of the Week: How to Avoid Common Mistakes on Taxes

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The San Diego Entertainer’s own financial expert, Steve Sexton, provides the Channel 6 San Diego Living show with financial tips throughout the month. We are thankful to be able to share his financial expertise with our readers.

Last week on the segment, Sexton discussed how to not follow the herd when it comes to investing. This week, he offers financial advice on how to avoid common mistakes when filing taxes. He recommends thoroughly reviewing returns to make sure you haven’t missed anything.

Sexton’s financial group reviews each of their client’s taxes after they are compiled and Sexton lists the many credits that are often overlooked.  One common overlook is the tax credit a person can get this year simply for working a job. If you make under $150,000 a year, you are eligible for this $300-400 tax credit. A lot of seniors that have small part-time jobs are entitled to this as well.

Many parents who help their children with college tuition can apply for up to $1,000 in tax credit as private universities have “8-91” programs which enable family members to use these deductions toward their child’s college tuition.

Regarding the alternative minimum tax, you may be eligible for a tax credit for money you have previously paid and if you have redone your windows, roofs, doors, etc. this year, you may be eligible for a energy credit for making your house more energy efficient.

“This is all going to change in 2013,” said Sexton “…It is really important if you’re selling a business or retiring to talk to somebody about taxable situations.”

Steve Sexton is a financial expert who personalizes each individual’s financial plan on their unique circumstances and goals. He has over 15 years experience in the financial services industry and holds multiple licenses and designations including being a Better Business Bureau member and a National Ethics Bureau Member.

If you would like to learn more about securing your financial wealth and freedom, planning for your retirement or to reserve a spot in one of Sexton’s free financial workshops you can visit www.sextonadvisorygroup.com. Or you can reach the Sexton Advisory Group by contacting Steve Sexton at steve@sextonadvisorygroup.com or by calling 951-695-8810.

Don’t forget to watch Steve Sexton on the Channel 6 San Diego Living on Tuesdays for more financial tips!

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