9 Ways To Screw Up Your Taxes

The little things you do in your taxes can be the difference between paying in and raking in extra cash. Beware; there is more than one way to blow your tax return.

1. Lose important receipts

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Let's say you wanted to donate to an awesome charity like Make-A-Wish. Whether you donated cash directly, or a vehicle to Wheels For Wishes, you would receive a tax-deductible receipt.

For most extra deductions, like work expenses or company mileage, you need to keep your receipts come tax season. Loosing these is like dropping cold hard cash in the shredder.

2. Forget tax credits

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If you're a college student living off bulk ramen noodles, your W2 isn't your only route to a tax return. For students who qualify, the American Opportunity Tax Credit can give you a huge chunk of money back.

There are several tax credits like this just lying around, waiting for you to claim them. Forgetting them could lose you thousands of dollars.

3. Dismiss your charity

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That dreaded sad animal commercial came on last year and you decided to scrape a couple nickels together to stop animal cruelty. If your charitable contributions qualify, don't be too modest to accept them on your taxes. That way, you can save enough money to help more next year.

Whether you donated to a charity or your volunteer position required a lot of driving, your charity can save you big bucks on your tax deduction. Don't forget!

4. Mistime your donation

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It's late in December and your old car finally dies. You don't think you can sell the hunk of junk, so you decide to donate whatever worth it has for a good cause and for your tax deduction. If you decided to keep it around in your garage until after New Year's Day, you just missed out on this year's tax deduction. Only donations from last year count on this year's return. Stop procrastinating!

5. Overpay for tax help

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Sure, even the "free" tax services cost some, but do your research before choosing one! Filling out your taxes online can be a pain, but it gets easier every year. Come prepared, skip paying for extras and do your research first.

6. Rush it

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Tax time is the worst time to have other plans or to be impatient. Not only should you devote a day to it (just in case), but you should also spend some time on a prior day to make sure you have everything in order--it's really easy to forget.

The list of necessary documents is huge, so don't jump the gun on your online return before gathering everything you need. Personal information, income, deductions, adjustments to income and credits can all make or break your tax return.

7. Double-claim yourself

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If you decide, as a twenty something, that this is your year to claim yourself on your taxes, make sure to inform your parents. If you claim you, and they claim you, someone will be hunted down by the IRS.

It's best to tell your parents toward the beginning of the prior year that you plan on switching. Otherwise, they may end up paying in while you get a minor bump in your taxes that pale in comparison. Most importantly, you can avoid making the next family gathering extremely awkward.

8. Pull a fast one

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It seems obvious to not commit tax fraud, but it can happen accidentally. If you leave something out on purpose, or try to squeeze out more of a deduction than you deserve, you can be charged for tax fraud. This is a felony, and you could pay huge fines and even go to five years of prison.

The tax system is very complex, and the IRS is aware that mistakes happen. Still, rather than walking the tightrope of tax fraud vs. negligence, just be careful and know that it's not worth it.

9. Overlook uncommon tax deductions

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