Knowing the pitfalls of many is often the best step to ensure that you do not fall prey to otherwise might be an easy to make common mistake. By staying away from these most often repeated mistakes you will avoid much of the pain which will otherwise will be created. The most frequently committed mistakes are:
 
1. Tax Planning. Many forget the value of a well thought out plan. Remember that failing to plan is analogous to planning to fail. Just as you would not set out on a journey to a distant city without a good road map first; so should we consider and carefully contemplate what lies ahead tax-wise. This will enable us to take the surprise out of our year-end taxes while also allowing us the ability to legally reduce our overall tax debt during the year while there are still great options to explore during the year. Just as a soldier can change the outcome of a war while it is still being fought so can proper planning do much to determine what will otherwise exist at year-end.
 
2. Deadlines. The whole of the tax code with its rules and filing deadlines are both date specific as to both filing and payment. Failure to abide by these can add substantially to your tax bill  with additional penalties and interest for late payment but also assessments for the late filing of returns. Being aware of these deadlines and the correct forms to be filed and monies to be paid is your first and best defense in ensuring peaceful co-existence with the IRS.
 
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Congress should give all taxpayers a “Tim Geithner tax break” by significantly simplifying the Internal Revenue Code, Libertarian National Committee chairman Bill Redpath said Monday.

“Congress should make sure what happened to Mr. Geithner, a finance professional, won't continue to happen to millions of average folks,” said Redpath.

“If the man running the IRS can't understand the tax code with a computer helping him, how can the average taxpayer hope to do his taxes without breaking the law?,” asked Redpath.