5 Tax Mistakes to Avoid Before Year-End
🛑 Avoid These 5 Tax Mistakes Before Year-End
As the year winds down, many taxpayers unknowingly make mistakes that cost them time, money, and peace of mind. Whether you’re self-employed, managing rental income, or simply trying to stay organized, avoiding these five common pitfalls can make all the difference. At Keens Tax Service, we help Oklahoma taxpayers navigate the final quarter with clarity and confidence.
1. ❌ Missing Estimated Payments
If you earn income that isn’t subject to withholding — like freelance work, rental income, or small business revenue — you’re likely required to make quarterly estimated tax payments. Missing the September 16 or January 15 deadlines can trigger penalties and interest. We help you calculate what’s due and ensure your payments are timely and accurate. for key dates.
2. ❌ Overlooking Deductions
Many taxpayers leave money on the table by forgetting deductible expenses. Common examples include:
- Home office costs (internet, utilities, workspace)
- Charitable donations made before December 31
- Mileage and vehicle expenses for business use
- Medical expenses that exceed 7.5% of your adjusted gross income
We’ll help you identify what qualifies and how to document it properly — especially if you’re filing as a sole proprietor or managing multiple income streams.
3. ❌ Ignoring Retirement Contributions
Contributing to a traditional IRA or solo 401(k) can reduce your taxable income and build long-term financial stability. For 2025, the IRA contribution limit is $7,000 (or $8,000 if you’re 50 or older). These contributions may be deductible depending on your income and filing status. Don’t miss the chance to save for your future and lower your tax bill.
4. ❌ Forgetting State-Specific Credits
Oklahoma offers unique tax credits that many filers overlook, including:
- Credits for energy-efficient home upgrades
- Education-related expenses
- Property tax relief for qualifying seniors and disabled individuals
We’ll help you uncover what applies to your situation and ensure you’re not missing out on local savings.
5. ❌ Waiting Until January
Year-end planning is more powerful than post-holiday scrambling. By reviewing your income, deductions, and contributions now, you can make strategic moves that reduce your tax liability. Whether it’s adjusting your final paycheck withholdings or making a last-minute donation, small actions now can lead to big savings later.
🧭 What You Can Do Today
- ✅ Schedule a fall check-in with Keens Tax Service
- ✅ Gather your documents: W-2s, 1099s, donation receipts, expense logs
- ✅ Review your retirement contributions and estimated payments
- ✅ Ask us about Oklahoma-specific credits and deductions