Ah, the fresh feeling of a new year. Nothing says “Happy 2008!” like talk of financial decisions to come. You know what they say… Only two things are inevitable: death, and taxes. So with that in mind, here are a handful of things to watch out for when that wonderful time of the year rolls around. Some are unavoidable, but you may be able to do something about the others. Good luck with these traps, taxpayer.

1) Missing out on tax deductions. This could happen because of changes in the tax law. These changes occur late, so none of your forms would even be up to date. Check with your professional to make sure the paperwork is current. If you use software, it could be outdated too.

2) Tax return refund delays. The world doesn’t operate on a convenient clock most of the time. Especially when it comes to getting you money. A delay of 4 weeks could be a reality for some taxpayers. When that amount averages over $3 thousand, like in 2005, the missing cash could mean trouble.

3) Refund anticipation loans. This is a fancy way for the people who prepare your taxes to make money on low-income households. If an institution gives someone a loan based on how much they think the household will be getting back from the government, it is in their best interest to inflate that estimate. The IRS is trying to curb this practice.

4) Identity theft. Protect your social security number with your life. If a crook somehow managed to get their paws on it, they could start filing for returns or report false wages in your name. This could lead to the innocent victim needing to prove themselves every year to the IRS, just to get things in order. This is a big trap because the IRS has failed to provide adequate measures to account for victim.

5) Taxpayer Assistance Centers. These are sponsored by the IRS and are there to help the rest of us file taxes and answer questions, face to face. But a lot of times these centers are out of touch, unhelpful in answering questions, or lack services. This is a trap. The fix? We need a taxpayer bill of rights.

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