Each year, millions of taxpayers file their tax returns hoping for a big tax refund in return. Others are just hoping their tax bill is lower than last year. Something that could disrupt getting your tax refund or having the IRS accept your federal return is a mistake on your tax return. Every year, taxpayers make small errors on their returns that raise red flags to the IRS. This could mean that your return ends up not being able to be filed or you get a letter from the IRS about the error. It’s important to file a return as correctly as possible so your return is accepted and filed. Here are the most common tax return mistakes.
One of the most common tax return mistakes you can make is forgetting to put your Social Security number on your return. A lot of taxpayers either forget to print their Social Security number on their return or the number they put on the return is incorrect. The Social Security number you put on your return should appear exactly as it is printed on the Social Security card. Make sure you and your spouse and any dependents’ Social Security numbers are printed correctly as well.
Just like Social Security numbers, misspelled names are also a very common tax return mistake. The names printed on your federal return should match the Social Security card. This goes for you, your spouse and any dependents you have.
If you aren’t good at math, you may want to have someone check the math on your return. Mathematical errors are a common tax return mistake and they range from simple addition and subtraction errors to more complex calculations. If you use tax prep software, they should check your math automatically or even calculate totals for you, so you don’t have to worry about the math.
When trying to tax deductions or credits, it is important to check your work. Many times taxpayers will take more than they are supposed to for a deduction or they won’t read the rules and will take a deduction they don’t qualify. Make sure when looking at taking a tax deduction to read the instructions carefully so you know how much the deduction is and if you are allowed to take it.
Incorrect bank account numbers can affect your tax refund. A lot of times taxpayers will forget a number or add in an extra zero. If you are expecting a tax refund, a direct deposit is the fastest and safest way to get your refund. But if you mess up the bank account number, it could delay your refund.
A tax return is not valid unless it is signed. This goes for whether you file your return online or via paper return mailed in. If you are filing jointly with your spouse, you must both sign the return or it won’t be filed.
If you need help filing your tax return to help avoid these errors, Polston Tax can help! Our team of tax attorneys and tax accountants can help you look over your return and make sure everything is correct and that you are taking advantage of every tax deduction possible. Give us a call at 844-841-9857 or click below to schedule your free consultation!