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newsletter1.ChoosingthewronglingstatusChoos-ingthecorrectlingstatusisimportantbe-causetaxbracketsdeductionsandcreditsvaryforeachstatus.Youmayfarebetterlingseparatelyevenifyouremarriedsomakesuretocalculatebothscenariosbeforechoosingastatus.YoushouldalsoconsiderlingasHeadofHouseholdifyouresingleandhaveadependentlivingwithyou.YourlingstatusisbasedonyourstatusasofDec.31ofthelingyear.2.NotclaimingallavailabledeductionsandcreditsYoucouldendupwithasmall-errefundoralargertaxliabilitythanneces-saryifyoufailtotakeadvantageofthetaxbreaksavailabletoyou.Doyourresearchandconsidergettinghelpfromataxpre-parerorsoftwaretomakesureyourenotmissinganythinginyourreturn.3.NotclaimingalldependentsYouprob-ablywontforgettoclaimyourchildrenasdependentsbutdidyouknowyoucouldclaimyourparentstooAnyoneyousup-portnanciallyadultchildrenelderlyparentsorotherrelativesmorethantheysupportthemselvesmaybeclaimedasaForfurtherinformationonResourceBankTrustServicespleasecall815748-1616.Filingtaxescanbeatediousprocess.Ifyouplantodoityourselfeitheronlineorwithanold-fashionedpenandpaperitcanbealltooeasytomakemistakes.Ifyouarentfamiliarenoughwiththetaxcodetotakeadvantagesofavailabletaxbreaksyoucouldlosemoney.Clericalerrorsandmathmistakescanleadtotaxauditslatefeesandevenjailtimefortaxfraud.Avoidthefollowingcom-monmistakestoensurethatyougetthroughtaxseasonunscathed.12CommonTaxErrorstoAvoiddependentaslongastheymeettherequire-ments.Evenifyourparentsdontlivewithyouyoumaybeabletoclaimthem.4.ForgettingtoclaimcarryoveritemsSometaxcreditsmustbetakenoverthecourseofseveralyearsiftheyexceedcer-tainthresholds.Commonexamplesincludecharitabledonationscapitallossesandbusinesswrite-offs.Ifyouwerentabletoclaimtheentirecreditinyearspastmakesureyoureclaimingitthisyear.5.NeglectingtocalculatetheAMTTheAlternativeMinimumTaxisaparalleltaxcodewithitsownsetofrules.TaxpayersareexpectedtocalculatetheirtaxburdentwowaysonceundertheregulartaxcodeandonceundertheAMTsrules.Which-everoutcomeishigheristhetaxtheyowe.ManytaxpayersdontcalculatetheirtaxesundertheAMTbecausetheyassumetheyarenteligiblebutthenumberofpeoplerequiredtoleundertheAMTisincreas-ing.IfyoupickthewrongtaxcodetheIRScouldcomelookingfortheremainingbal-ance.PaulNeumannDirectorofTrustServicesSandraSwansonSeniorTrustOfcerApril2014