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7 Common Tax Filing Errors and Mistakes to Avoid
The risks of making avoidable tax mistakes, especially near the tax filing deadline, are often high, some with negative consequences that can even lead to a tax audit or unnecessary delays in processing returns. Here are seven such mistakes that can be avoided by simply checking your completed returns before sending them to the IRS:
1. Incorrect Social Security numbers: Make sure all Social Security numbers, whether for yourself, children, spouse or dependents, are accurate. The IRS has rated this as the most common return mistake, so you should check it out. This must be done whether it is submitted on paper or online.
2. Name errors: Make sure you use your own name, especially if you’re married and filing separately instead of your spouse’s. Make sure the name on the statement matches the name on your Social Security card. Contact the Social Security Administration to get a new card if there is a change in name or names.
3. Incorrect/multiple filling states: You can only submit one filing status at a time. Although online tax preparation software does not support multiple selections of filing states, it is common for paper filers to check more than one state at a time. Make sure this doesn’t happen.
4. Signature of all signature areas: Your statement is only valid if it is signed by all relevant parties. If you’re filing a joint return, make sure your spouse signs as well, as failure to do so can result in delays or even rejection of the return.
5. Mathematical errors: Mathematical errors are common, especially when manually calculating the amount of tax payable. Avoid this by using only the most current version of the tax tables, check the math and make the necessary corrections.
6. Claim of credits and deductions: The rules for IRS credits and deductions are constantly changing every year, and you should check to make sure you qualify for some, such as the earned income credit, which is calculated based on gross income before to claim. The same applies to deductions, some of which are age-specific. To avoid delays in processing your return, claim credits and deductions to which you are entitled.
7. Routing and account numbers: Most taxpayers claiming refunds prefer IRS direct deposits, which are only possible if you provide accurate bank account and routing numbers. It is very easy to correct this error; just review the details before submitting.
Finally, don’t hesitate to request a tax return extension if you can’t file your return on time. This will ensure that you avoid not only common tax mistakes, but also IRS interest and penalties.
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