Common Errors to Avoid When Filing Income Taxes Streamline your tax return by avoiding common errors
Utilizing a professional tax preparer is the best way to stay away from making errors while filing your taxes. Tax preparers and accountants are experts in avoiding mistakes and keeping the process as smooth running as possible. Filing your taxes electronically is another hassle-free approach, especially if you like doing your taxes yourself. Make sure you utilize an online tax software that is designed to do the math for you and indicate errors and missing information.
It is important to check for errors in order to assure there is no delay with your tax return. When preparing your own tax return, here are some general errors to avoid:
· Inaccurate or missing social security numbers (or tax identification numbers). Make sure your social security number is accurate throughout the entire filing process, and comb through your work in order to assure there are no errors. If you have a tax ID number, make sure it’s still active and not expired. If you file with an expired individual tax identification number, you will not be qualified to receive any credits on your tax return. You should still file and you will receive a notice to renew your number. After you renew your number, your return will be processed accurately.
· Misspelled names are another common error. Double check all names on your tax return and make sure they are spelled as printed on your social security card.
· Math Errors. This is the most frequent mistake. It can be confusing to know how much or when to subtract, add, etc. Check all your math to make sure it is correct, or better yet use a tax software or a professional to have absolute accuracy.
· Credits & Deductions. We all want the best tax return we can get. In order to do so, avoid the common error of credits and deductions. This is a particularly important step in your tax return, and it can be hard to figure out if you should file a standard vs. itemized deductions, how to apply the earned income tax credit, and child/dependent care credits. Make sure to follow the instructions and to know your eligibility.
· Filing Status. Choosing your filing status is another common mistake made by people filing their taxes. This is an important step and if you are unsure what your filing status should be, visit the IRS website, use a tax software, or find a tax professional to get help.
· Bank Account Information. You want your money quickly, right? If so, make sure you are doing direct deposit and double checking your routing and account numbers are up to date and accurate.
· Signatures. When mailing your income tax documents in, make sure you don’t have any missing signatures. This will make your tax return invalid. Make sure you have signed every required spot, and if you are filing jointly you need your spouse’s signatures as well.
To get the best tax return, double check your work, utilize a professional, or file electronically through a credible tax software to avoid these common mistakes. For more details on filing income taxes, visit the IRS website for information at (www.irs.gov).
If you are in need of getting your income taxes processed, please reach out to our office via email at contact@hopeaccountingfirm.comto make a virtual appointment today.
Have questions? Want more information about this topic? Contact the HOPE Accounting Firm at 216.744.9303 or at contact@hopeaccountingfirm.com.