Andrew Shilling

Failing to pay taxes on side-gig earnings and keeping faulty records of business-related expenses must avoided to prevent an excessive tax burden.

In what was a stellar year for corporates, governments nearly missed the list entirely.

While some tax-planning tasks can be time-sensitive, the challenge is to tackle the others that aren’t in a calculated fashion, an expert explains.

"Keep records and watch the statute of limitations. The usual IRS statute of limitations is three years after you file your tax return," an expert writes.

Deferred taxation on these retirement products, in part, depends on how their distributions are made.

More than half of them track the industry’s top-performing category.

Adjusting a federal income tax return depends on personal tax circumstances, “such as the materiality of the error,” an expert says.

Despite the exodus, all of the mutual funds and ETFs on the list posted net gains for the year.

Clients who have yet to make withholding adjustments to cover their tax liability still have time to avoid the extra burden.

“There’s less performance chasing than you saw in the past, and that’s a positive thing,” an expert says.